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BUNDS: SWAPS: Widening Episodes Remain Limited, Swap Spreads Hold Around Lows

BUNDS
BundesbankCentral Bank NewsCEEMEAEurozoneGermanyBulletGlobalFixed Income BulletsRegionMarkets

Modest ASW tightening today, keeping spreads around cycle/all-time lows.

  • Long end leads the move, with Buxl vs. 3-month Euribor ASW ~1bp tighter.
  • The medium-term spread tightening drivers that we have flagged on many occasions seemingly remain intact.
  • Long end spreads are seemingly the most susceptible to further tightening given sensitivity to issuance/fiscal policy, alongside increased risks of fiscal loosening/political paralysis.
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Modest ASW tightening today, keeping spreads around cycle/all-time lows.

  • Long end leads the move, with Buxl vs. 3-month Euribor ASW ~1bp tighter.
  • The medium-term spread tightening drivers that we have flagged on many occasions seemingly remain intact.
  • Long end spreads are seemingly the most susceptible to further tightening given sensitivity to issuance/fiscal policy, alongside increased risks of fiscal loosening/political paralysis.