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EGBS: Little Reprieve From Syndication Pricing, BTP/Bund Widens 2bps

EGBS
BulletEurozoneFixed Income BulletsMarkets

The pricing of today’s 15-year BTP and dual-tranche EU-bond syndications provided little reprieve for major EGB futures. BTPs have followed Bunds lower through the day (-83 ticks at 119.90), having tested support at the 20-day EMA (119.87). 

  • The 10-year BTP/Bund spread has widened 2bps to ~111bps, even as European equities extend higher. Today’s syndication saw books in excess of E133bln for the E13bln sold. A reminder that 3/7-year supply is also due on Thursday.
  • OATs lightly underperform semi-core peers following today’s 30-year syndication mandate. We thought the syndication would come in w/c 24 Feb, but had flagged risks of a transaction this week. We pencil in a E8-10bln transaction size.
  • Note that the 10-year OAT/Bund spread screens at 78bps (1bp wider today) owing to a BBG OAT benchmark change.
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The pricing of today’s 15-year BTP and dual-tranche EU-bond syndications provided little reprieve for major EGB futures. BTPs have followed Bunds lower through the day (-83 ticks at 119.90), having tested support at the 20-day EMA (119.87). 

  • The 10-year BTP/Bund spread has widened 2bps to ~111bps, even as European equities extend higher. Today’s syndication saw books in excess of E133bln for the E13bln sold. A reminder that 3/7-year supply is also due on Thursday.
  • OATs lightly underperform semi-core peers following today’s 30-year syndication mandate. We thought the syndication would come in w/c 24 Feb, but had flagged risks of a transaction this week. We pencil in a E8-10bln transaction size.
  • Note that the 10-year OAT/Bund spread screens at 78bps (1bp wider today) owing to a BBG OAT benchmark change.