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EGBS: Rallying, OATs Outperform

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Bunds through initial resistance on the broader risk-off price action flagged earlier.

  • Futures trade as high as 135.38, before easing back to 135.30.
  • The September 27 high (135.19) has been breached, with bulls now eying the September 11 peak (135.49).
  • German yields 1-4bp lower, curve bull flattens.
  • Only GGBs widen vs. Bunds at the 10-Year point, with the remainder of the spreads we actively monitor little changed to tighter.
  • OATs the outperformer, seemingly benefitting from increased odds of French fiscal tightening following the headlines that we outlined earlier (PM Barnier is set to present these measures at 15:00 CET).
  • OAT/Bunds 2bp tighter at 77bp.
  • No tangible reaction in EU bonds following the announcement of the impending launch of the EU-bond repo facility (October 7).
  • Likewise, no tangible reaction in SPGB spreads following firmer-than-expected Spanish manufacturing PMI data.
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Bunds through initial resistance on the broader risk-off price action flagged earlier.

  • Futures trade as high as 135.38, before easing back to 135.30.
  • The September 27 high (135.19) has been breached, with bulls now eying the September 11 peak (135.49).
  • German yields 1-4bp lower, curve bull flattens.
  • Only GGBs widen vs. Bunds at the 10-Year point, with the remainder of the spreads we actively monitor little changed to tighter.
  • OATs the outperformer, seemingly benefitting from increased odds of French fiscal tightening following the headlines that we outlined earlier (PM Barnier is set to present these measures at 15:00 CET).
  • OAT/Bunds 2bp tighter at 77bp.
  • No tangible reaction in EU bonds following the announcement of the impending launch of the EU-bond repo facility (October 7).
  • Likewise, no tangible reaction in SPGB spreads following firmer-than-expected Spanish manufacturing PMI data.