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Lagarde Comments On PEPP Prompt Spread Widening

BTP

The 10-year BTP/Bund spread saw a 2bp jump wider as headlines from ECB's Lagarde re: discussing PEPP reinvestments in the "not-too-distant future" cross. The spread now trades 0.3bps tighter on the day at 174.7bps, around 3bps wider than today's tightest levels.

  • Current ECB policy is to continue PEPP reinvestments until at least the end of 2024, but there is increasing speculation that this timeline may be brought forward.
  • Speaking to MNI, Croatian CB Governor Vujcic noted that the topic would be discussed at the December 2023 meeting (see here).
  • Other Governing Council members have also weighed in recently, with Belgian CB Governor Wunsch stating he is in favour of ending the reinvestment programme (see here) and Austrian CB Governor Holzmann expecting a decision to be made next year (see here).
  • The policy was not discussed at the most recent October 2023 meeting, with the meeting accounts noting such talks were deemed to be "premature".
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