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OAT: OAT/Bunds Off Session Tights As Barnier Speaks

OAT

Best guess here is buy the rumour/sell the fact type trading in OATs, with OAT/Bunds 2.5-3.0bp off session lows, last ~77bp after struggling to push meaningfully below 45bp.

  • No surprises in the initial comments from PM BArnier, with the deficit/GDP ratio for '24 seen at the upper end of the range provided by local media outlets in recent weeks (above 6%).
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Best guess here is buy the rumour/sell the fact type trading in OATs, with OAT/Bunds 2.5-3.0bp off session lows, last ~77bp after struggling to push meaningfully below 45bp.

  • No surprises in the initial comments from PM BArnier, with the deficit/GDP ratio for '24 seen at the upper end of the range provided by local media outlets in recent weeks (above 6%).