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Risk-off sees BTP-Bund spreads almost 10bp wider on the day

EGB SUMMARY
  • Bunds remain the outperformers in core fixed income space, with 10-year yields falling more than gilts or Treasuries.
  • Peripheral spreads remain noticeably higher on the day, with BTP futures moving around a point lower than yesterday's highs at writing. Coupled with the Bund rally this has seen BTP-Bund 10-year spreads widen by just under 10bp today. Other peripheral spreads have seen similar moves, but again are a little off their widest levels at writing.
  • There has been no obvious trigger for the slight recovery in sentiment with concerns over US non-existent US fiscal stimulus and increased Covid-19 restrictions/cases across Europe having driven the rally earlier in the day.
  • Bund futures are up 0.63 today at 175.98 with 10y Bund yields down -3.7bp at -0.619% and Schatz yields down -2.2bp at -0.772%.
  • BTP futures are down -0.80 today at 149.42 with 10y yields up 5.9bp at 0.715% and 2y yields up 5.4bp at -0.302%.
  • OAT futures are up 0.45 today at 169.98 with 10y yields down -2.8bp at -0.340% and 2y yields down -1.6bp at -0.712%.
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BulletMarketsFixed Income Bullets

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