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EGBS: Another Cycle Low For 10-Year SPGB/OAT/PGB Fly

EGBS
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The 10-Year Spain/France/Portugal fly continues to punctuate the recent run of OAT underperformance.

  • That structure registered a fresh cycle low of -20.6bp this morning, last trading at -20bp.
  • We have already highlighted the French PMI data and questions surrounding the longevity of the newly formed French government as key drivers of the latest leg of OAT widening.
  • Elsewhere, the FT story suggesting that France has requested a further delay in submitting its budgetary plans for the next few years to the European Commission will not be OAT positive, even though it doesn’t come as a particular surprise given prior reports pointing to the likelihood of such a move.

Fig. 1: 10-Year SPGB/OAT/PGB Fly (bp)

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The 10-Year Spain/France/Portugal fly continues to punctuate the recent run of OAT underperformance.

  • That structure registered a fresh cycle low of -20.6bp this morning, last trading at -20bp.
  • We have already highlighted the French PMI data and questions surrounding the longevity of the newly formed French government as key drivers of the latest leg of OAT widening.
  • Elsewhere, the FT story suggesting that France has requested a further delay in submitting its budgetary plans for the next few years to the European Commission will not be OAT positive, even though it doesn’t come as a particular surprise given prior reports pointing to the likelihood of such a move.

Fig. 1: 10-Year SPGB/OAT/PGB Fly (bp)

Keep reading...Show less