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Early Peripheral Compression Consolidates/Extends

EGBS

Peripherals hold/extend on their early tightening impetus during the latest leg of today’s rally, aided by ECB-dated OIS pricing moderating from hawkish extremes (albeit remaining somewhat sticky above 3.90%).

  • Greek outperformance is still the most pronounced at the 10-Year point, while the 10-Year BTP/Bund spread has managed to register another fresh cycle extreme, moving to the tightest level seen since April ’22 in the process.

Fig. 1: 10-Year BTP/Bund & GGB/Bund Spreads

SourcE: MNI - Market News/Bloomberg

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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