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EGBS: Natixis Recommend Selling EU 10s Vs. 5s & 30s On Fly

EGBS
BulletEurozoneFixed Income BulletsMarkets

Natixis note that “fresh spending is likely to be enacted sooner on new defence projects to improve collective security in Europe. EU borrowing capacity will play a role in the new defence set-up.”

  • Meanwhile, they are of the view that 10-Year EU bonds screen around ~10bp too expensive against a basket of EGBs.
  • As a result, they recommend going short EU Dec34 (EU000A3K4ES4) on a fly against EU Dec30 (EU000A3LNF05) and EU Oct54 (EU000A3K4EY2) at -24.5bp.”
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Natixis note that “fresh spending is likely to be enacted sooner on new defence projects to improve collective security in Europe. EU borrowing capacity will play a role in the new defence set-up.”

  • Meanwhile, they are of the view that 10-Year EU bonds screen around ~10bp too expensive against a basket of EGBs.
  • As a result, they recommend going short EU Dec34 (EU000A3K4ES4) on a fly against EU Dec30 (EU000A3LNF05) and EU Oct54 (EU000A3K4EY2) at -24.5bp.”