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BUNDS: /SWAPS: ASWs A touch Wider On Politics & Data, Moves Limited

BUNDS
BundesbankCentral Bank NewsCEEMEAEurozoneGermanyBulletGlobalFixed Income BulletsRegionMarkets

Clarification of the German election timeline (confidence vote on December 16, subsequent election on February 23) and the soft German ZEW data promotes modest ASW widening today, 3-month Euribor spreads 0.5-0.8bp higher last.

  • Moves back above 0bp in Bund vs. 3-month Euribor ASW remain shallow and short-lived.
  • Sell-side names remain cautious when it comes to the idea of wideners, with the medium-term drivers of the structural narrowing intact (grater collateral availability owing to issuance needs/free float and receiver-side flows in swaps, linked to continued ECB easing).
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Clarification of the German election timeline (confidence vote on December 16, subsequent election on February 23) and the soft German ZEW data promotes modest ASW widening today, 3-month Euribor spreads 0.5-0.8bp higher last.

  • Moves back above 0bp in Bund vs. 3-month Euribor ASW remain shallow and short-lived.
  • Sell-side names remain cautious when it comes to the idea of wideners, with the medium-term drivers of the structural narrowing intact (grater collateral availability owing to issuance needs/free float and receiver-side flows in swaps, linked to continued ECB easing).