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J.P.Morgan Like 10s30s BTP Flattener Vs. Bunds

EGBS

Late on Friday J.P.Morgan wrote “we find the intermediate BTP sectors now trade broadly fair and the 3s/10s box trading modestly too steep vs. the 10Y Bund spread.”

  • “We expect Italy to launch two new 10Y+ benchmarks (15Y/20Y and 30Y) via syndications in early 2024, first one possibly as soon w/c 8 Jan (likely 30Y) and the second in early February.”
  • “The 10s/30s Italy-Germany box has steepened sharply over the past couple weeks and is now trading more than 5bp too steep vs. level of 10Y spread, likely on anticipation of the potential syndication.”
  • “We expect the excessive steepness of the 10s/30s Italy-Germany box to correct once the deal is announced and, therefore, recommend a tactical 10s/30s Italy flattener vs. Germany.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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