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EGBS: European Equity Recovery Helps 10-year Spreads Away From Opening Wides

EGBS

The recovery in European equities from overnight lows has allowed 10-year EGB spreads to Bunds to narrow away from opening wides, leaving spreads little changed on the day.

  • The BTP/Bund spread remains at 138bps, little changed across this week. The lower-than-expected Italian unemployment rate (6.5% vs 7.0% cons) had no impact, as the series is often volatile on a month-to-month basis.
  • Fiscal matters continue to dominate Italian headline flow, with the FT reporting that the Government is proposing a sharp increase in tourist taxes to raise revenue.
  • See here for further colour on Italy’s fiscal/ratings timeline: https://marketnews.com/italy-govt-committed-to-meeting-eu-target-by-26-but-consensus-disagrees
  • S&P will review Portugal’s rating after hours, with an upgrade potentially on the cards given the country’s “Positive” outlook. In March, S&P upgraded Portugal to A- from BBB+.
  • The 10-year PGB/Bund spread already trade close to YTD tights though, currently just under 60bps. 
EurozoneBulletGlobalFixed Income BulletsRegionMarkets
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

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