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EGBS: Citi Look For Further Periph Tightening, Highlights Short SPGB Vs. PGB 15s

EGBS
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For the periphery, Citi suggest that “further tightening looks more likely than widening based on declining net supply, upcoming budget announcement, cheapness vs. Bund swap spreads and positioning.”

  • More granularly they believe that “Spain looks rich here and we recommend selling 15yr vs PGBs.”
  • They also note that their “structural 30yr IRISH-RFGB tightener has hit its target (0bp), but we remain constructive on the Irish credit following its supply completion for 2024.”
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For the periphery, Citi suggest that “further tightening looks more likely than widening based on declining net supply, upcoming budget announcement, cheapness vs. Bund swap spreads and positioning.”

  • More granularly they believe that “Spain looks rich here and we recommend selling 15yr vs PGBs.”
  • They also note that their “structural 30yr IRISH-RFGB tightener has hit its target (0bp), but we remain constructive on the Irish credit following its supply completion for 2024.”