Free Trial

Spreads Either Side Of Flat Vs. Bunds, But Little Changed On Day

EGBS

EGB spreads are mixed at the 10-Year point vs. Bunds.

  • OATs have unwound any tightening bias from S&P affirming France’s AA; Outlook Negative status after hours on Friday (not replicating the one notch downgrade to AA- delivered by Fitch back in April), with various sell-side desks pointing to continued focus on fiscal headwinds for the country. The spread last sits at unchanged levels.
  • BTPs are 1bp wider vs. Bunds after Friday’s sharp tightening burst, which was seemingly initially facilitated by the broader risk-positive trading theme seen in the European morning (and could have been magnified by lower liquidity surrounding the observance of Italy’s Republic Day holiday), while short-term supply digestion requirements move to the retail sector via the BTP Valore.
  • 10-Year Greek paper has consolidated around recent tights after the run of election/IG anticipation tightening.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.