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Off Of Widest Levels Post NFP

BTP

The 10-year Bund/BTP spread is now trading off widest levels of the day, following the spike higher post NFP, which came in strong.

  • The spread of 10-Yr Italian BTPs vs Bunds is 1.6bps wider at 202.8bps, off highs of 205.2bps.
  • Spreads of Spanish, Portuguese and Greek bonds spiked higher on the release but have since come back to pre-data levels, with BTPs underperforming in the space.
  • The Italian 2s10s curve spear steepened further following the print and is now 4.5bps wider at 92.1bps.
  • Fairly dovish ECB Speak from hawks Knot and Vasle (comfortable with current policy; could see a soft landing) has provided some extra help in the EGB recovery alongside details of the NFP report, showing a softer-than-expected average hourly earnings print.
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