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Remain Close To Yesterday's Lows As Supply Weighs

EGBS

Core/semi-core EGBs have failed to meaningfully recover from yesterday's lows, as supply from Spain, France and Austria weighed on the space this morning.

  • Bunds are up 7 ticks at typing, with yesterday's low of 134.15 the first support. OATs perform a touch better in spite of today's domestic supply, currently 11 ticks higher at 128.82.
  • Headline flow has otherwise been light, with no market-moving domestic data scheduled today.
  • The German and French cash curves have twist steepened, while periphery spreads to Bunds are narrower. The 10-year BTP/Bund spread has fallen back below 160bps, currently 1.8bps tighter at 158.3bps.
  • The account of the ECB's December meeting will be released at 1230 GMT/1330 CET, while President Lagarde speaks in Davos at 1515GMT/1615 CET (though major deviations from yesterday's rhetoric are not expected).
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