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EGBS: 10-year Spread to Bunds A Little Wider, OAT/Bund Remains Around 70bps

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Major 10-year EGB spreads to Bunds are 1-2bps wider this morning.

  • The OAT/Bund spread continues to hover around the 70bps handle (currently 1bp wider today at 72bps) with PM Barnier making limited progress in forming a cabinet so far this week.
  • After reaching its tightest level of this month yesterday (~133.5bps), the BTP/Bund spread has widened to ~136.5bps.
  • The unexpected announcement of a Specialist BTP tap prompted a widening of around 1bp yesterday afternoon (results are due around 1000BST/1100CET today).
  • An Italian official also told BBG yesterday that the country will try and reduce its deficit to below 3% of GDP in 2026, corroborating source reports from late-August.
  • Eurozone final August CPI is not expected to be market mover, with focus on this evening’s Fed decision.
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Major 10-year EGB spreads to Bunds are 1-2bps wider this morning.

  • The OAT/Bund spread continues to hover around the 70bps handle (currently 1bp wider today at 72bps) with PM Barnier making limited progress in forming a cabinet so far this week.
  • After reaching its tightest level of this month yesterday (~133.5bps), the BTP/Bund spread has widened to ~136.5bps.
  • The unexpected announcement of a Specialist BTP tap prompted a widening of around 1bp yesterday afternoon (results are due around 1000BST/1100CET today).
  • An Italian official also told BBG yesterday that the country will try and reduce its deficit to below 3% of GDP in 2026, corroborating source reports from late-August.
  • Eurozone final August CPI is not expected to be market mover, with focus on this evening’s Fed decision.