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EGBS: 10-year OAT/Bund Back At 79bps

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

The 10-year OAT/Bund spread is back at 79bps, after reaching an intraday tight of ~74bps yesterday morning ahead of PM Barnier’s Parliamentary address.

  • Yesterday’s narrowing seemingly represented expectations for tighter fiscal measures to be announced at the address.
  • While Barnier did highlight plans to cut spending and impose (temporary) taxes on wealthy individuals/corporations, details were lacking overall.
  • Meanwhile, Barnier said the budget deficit will exceed 6% this year (toward the higher end of expectations coming into the address).
  • The 2-year delay to meeting the EU’s 3% deficit target had already been reported over the last few weeks.
  • Meanwhile, 10-year peripheral spreads to Bunds are little changed, with the BTP/Bund spread hovering at 133bps at typing.
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The 10-year OAT/Bund spread is back at 79bps, after reaching an intraday tight of ~74bps yesterday morning ahead of PM Barnier’s Parliamentary address.

  • Yesterday’s narrowing seemingly represented expectations for tighter fiscal measures to be announced at the address.
  • While Barnier did highlight plans to cut spending and impose (temporary) taxes on wealthy individuals/corporations, details were lacking overall.
  • Meanwhile, Barnier said the budget deficit will exceed 6% this year (toward the higher end of expectations coming into the address).
  • The 2-year delay to meeting the EU’s 3% deficit target had already been reported over the last few weeks.
  • Meanwhile, 10-year peripheral spreads to Bunds are little changed, with the BTP/Bund spread hovering at 133bps at typing.