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OAT: 10-year OAT/Bund Spread 1.5bps Wider As Le Pen Keeps Pressure On Barnier

OAT
CEEMEAEurozoneFranceBulletMarketsFixed Income Bullets

The 10-year OAT/Bund spread is 1.5bps wider today at 83.5bps, with the spread continuing to oscillate on French fiscal/political developments. 

  • Far-right RN leader Le Pen said that her party still intends to bring down PM Barnier’s minority Government next week, if further concessions are not made to the 2025 budget by Monday.
  • This comes after Barnier discarded plans to raise electricity taxes yesterday, amid ongoing pressure from RN. That decision helped drive a 4bp intraday narrowing in OAT/Bund yesterday, but today’s developments highlights the sensitivity of French paper to incoming headlines.
  • S&P are due to review France’s sovereign rating after hours, we will provide a more detailed post ahead of that event later today. 
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The 10-year OAT/Bund spread is 1.5bps wider today at 83.5bps, with the spread continuing to oscillate on French fiscal/political developments. 

  • Far-right RN leader Le Pen said that her party still intends to bring down PM Barnier’s minority Government next week, if further concessions are not made to the 2025 budget by Monday.
  • This comes after Barnier discarded plans to raise electricity taxes yesterday, amid ongoing pressure from RN. That decision helped drive a 4bp intraday narrowing in OAT/Bund yesterday, but today’s developments highlights the sensitivity of French paper to incoming headlines.
  • S&P are due to review France’s sovereign rating after hours, we will provide a more detailed post ahead of that event later today.