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BUNDS: /SWAPS: ASWs Wider Again

BUNDS
BundesbankCentral Bank NewsCEEMEAEurozoneGermanyBulletMarketsFixed Income Bullets

German ASWs bid again this morning, with a further 2-3bp of widening vs. 3-month Euribor across the curve, led by the long end.

  • Increased French political and fiscal risk adds a fresh layer of support today, with the recent move off cycle/all-time lows seemingly aided by heavy short positioning.
  • The long end seemingly remains the most susceptible to fresh tightening, although sell-side desks have suggested that fundamentals (which would seemingly promote fresh tightening) may not reassert themselves until after the turn of the year, if at all.
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German ASWs bid again this morning, with a further 2-3bp of widening vs. 3-month Euribor across the curve, led by the long end.

  • Increased French political and fiscal risk adds a fresh layer of support today, with the recent move off cycle/all-time lows seemingly aided by heavy short positioning.
  • The long end seemingly remains the most susceptible to fresh tightening, although sell-side desks have suggested that fundamentals (which would seemingly promote fresh tightening) may not reassert themselves until after the turn of the year, if at all.