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EGBS: Periph A Little Wider Vs Bunds As Equities Pull Back, Ratings Updates Eye

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

The pullback in equities has promoted some peripheral underperformance today, although spread movements are modest, 0.5-1.0bp wider vs. Bunds.

  • EUR 3m10y little changed, preventing widening from developing further.
  • Sovereign rating announcements due after market (see earlier bullet for a comprehensive list of scheduled updates: https://marketnews.com/ratings-busy-ratings-schedule-focus-on-france-ireland-portugal ) should underscore the more favourable ratings backdrop/fiscal trajectories for the peripheral nations (and Ireland) when compared to the likes of France.
  • Those points form the centrepiece of many of the peripheral tightener recommendations held by the sell-side, as well as our belief that it is hard to argue in favour of any meaningful short-term outperformance for OATs vs. the likes of PGBs & SPGBs.
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The pullback in equities has promoted some peripheral underperformance today, although spread movements are modest, 0.5-1.0bp wider vs. Bunds.

  • EUR 3m10y little changed, preventing widening from developing further.
  • Sovereign rating announcements due after market (see earlier bullet for a comprehensive list of scheduled updates: https://marketnews.com/ratings-busy-ratings-schedule-focus-on-france-ireland-portugal ) should underscore the more favourable ratings backdrop/fiscal trajectories for the peripheral nations (and Ireland) when compared to the likes of France.
  • Those points form the centrepiece of many of the peripheral tightener recommendations held by the sell-side, as well as our belief that it is hard to argue in favour of any meaningful short-term outperformance for OATs vs. the likes of PGBs & SPGBs.