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Peripheries Outperform As Spanish Syndication Shows Strong Demand

EGBS

Peripheries are outperforming Bunds this morning following indications of strong demand at today's Spanish 10Y Obli syndication.

  • Bunds are 18 ticks higher at 135.64 but BTPs outperform, up 42 ticks at 118.29 at typing. Firmness in US Tsys and Brent crude's move away from yesterday's highs will also be providing support to the space.
  • Spain has received a record E130bln of bids for the 10Y Obli on offer at today's syndication, and comes following similarly strong demand-dynamics at yesterday's dual BTP syndication. The 10Y Obli/Bund spread is 2.0bps tighter at 95.2bps today, while the 10Y BTP/Bund spread trades 2.6bps tighter at 163.6bps, down from around 170bps last week.
  • German and French cash curves have bear flattened on the day.
  • Otherwise, headline flow has generally been light. Comments from ECB's de Guindos r.e. uncertainty around the future inflation path did not move the needle much, nor did today's French/German data.
  • The remainder of today's docket is light, with main focus on ECB speak from Executive Board member Schnabel at 1400GMT/1500CET.
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