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No Movement In 10-Year OAT/Bunds As France Flags Change To Unemployment Welfare

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No real movement in the 10-Year OAT/Bund spread early this week.

  • The weekend saw French PM Attal reveal a plan to trim the maximum length of French unemployment benefit payments, as the country tries to encourage people back to work and deal with the well-documented fiscal headwinds that it currently faces.
  • Zooming out, 10-Year OATs/Bunds has pared around half of the fiscal worry-inspired widening seen in March/April after avoiding negative sovereign credit rating action thus far.
  • Rating-related risk is heightened this week, with many expecting negative action from S&P on Friday (more on that in due course).

Fig. 1: 10-Year Bunds/OAT Spread (%)

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No real movement in the 10-Year OAT/Bund spread early this week.

  • The weekend saw French PM Attal reveal a plan to trim the maximum length of French unemployment benefit payments, as the country tries to encourage people back to work and deal with the well-documented fiscal headwinds that it currently faces.
  • Zooming out, 10-Year OATs/Bunds has pared around half of the fiscal worry-inspired widening seen in March/April after avoiding negative sovereign credit rating action thus far.
  • Rating-related risk is heightened this week, with many expecting negative action from S&P on Friday (more on that in due course).

Fig. 1: 10-Year Bunds/OAT Spread (%)