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Natixis Recommend Short End SPGB Vs. BTP Tightener

EGBS

Natixis note that “Spanish short-end yields cheapened too much into year end. We see this cheapening as liquidity-driven and not warranted by fundamentals and technical factors for Spain.” As such, they recommended a long position in Bono 10/2025 vs. BTP 11/2025 at -14.9bp, with a take-profit -35bp over a 3-month horizon. They set a stop loss -4.85bps.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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