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EGBS: Spreads A Little Tighter, OAT/Bunds Back To 75bp

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

EGB spreads to Bunds little changed to 1.5bp tighter, news flow limited thus far.

  • BTP/Bunds continues to trade between 130-135bp.
  • OAT/Bunds moves back to ~75bp after threatening to break above 80bp earlier in the week. French Finance Minister Arnaud’s study of potential tax hikes has seemingly helped the move.
  • What’s more, there may have been some interest to fade the widening around the round number which protects the ’24 wides in the spread
  • The most recent rounds of ECB speak haven’t explicitly pushed back against the dovish repricing seen in the past few days.
  • EUR 3m10y vol continues to hover a little above cycle lows.
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EGB spreads to Bunds little changed to 1.5bp tighter, news flow limited thus far.

  • BTP/Bunds continues to trade between 130-135bp.
  • OAT/Bunds moves back to ~75bp after threatening to break above 80bp earlier in the week. French Finance Minister Arnaud’s study of potential tax hikes has seemingly helped the move.
  • What’s more, there may have been some interest to fade the widening around the round number which protects the ’24 wides in the spread
  • The most recent rounds of ECB speak haven’t explicitly pushed back against the dovish repricing seen in the past few days.
  • EUR 3m10y vol continues to hover a little above cycle lows.