MNI China Daily Summary: Monday, February 10

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EGBS: Most Spreads To Bunds A Touch Tighter As Equities Rally, DSLs Lag

EGBS
BulletEurozoneFixed Income BulletsMarkets

Most EGBs are marginally tighter vs. Bunds this morning (less than 1bp), with an uptick in European equities helping that move

  • Dutch paper the exception, following some pre-DSL auction concession (~0.5bp wider last).
  • OAT/Bunds last 73.5bp with November closing lows at ~73bp eyed. A break below there would expose 71.6bp, which protects the psychological 70bp mark.
  • French fiscal and political risks continue to limit further tightening pressure at this juncture, with headline cues on that front set to become more prominent in the coming days/weeks.
  • BTP/Bunds holds around 110bp, with cycle closing lows at 106.4bp presenting the next downside target.
  • Impact of supply from Italy and the Austrian long end syndication eyed for short-term cues.
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Most EGBs are marginally tighter vs. Bunds this morning (less than 1bp), with an uptick in European equities helping that move

  • Dutch paper the exception, following some pre-DSL auction concession (~0.5bp wider last).
  • OAT/Bunds last 73.5bp with November closing lows at ~73bp eyed. A break below there would expose 71.6bp, which protects the psychological 70bp mark.
  • French fiscal and political risks continue to limit further tightening pressure at this juncture, with headline cues on that front set to become more prominent in the coming days/weeks.
  • BTP/Bunds holds around 110bp, with cycle closing lows at 106.4bp presenting the next downside target.
  • Impact of supply from Italy and the Austrian long end syndication eyed for short-term cues.