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OAT: Spreads Tighten As Bayrou Seems Set To Survive Censure Motion

OAT
CEEMEAEurozoneFranceBulletMarketsFixed Income Bullets

OATs narrow as the French socialist party decides not to support the censure motion against PM Bayrou.

  • Recent concession from Bayrou (and perhaps promises of more to come) helps remove some of the political and fiscal risk, at least in the immediate term.
  • OAT/Bunds unwinds almost all of today's ~2.5bp of widening that was in place ahead of the headline.
  • Spread last 73.8bp, comfortably within the multi-week range.
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OATs narrow as the French socialist party decides not to support the censure motion against PM Bayrou.

  • Recent concession from Bayrou (and perhaps promises of more to come) helps remove some of the political and fiscal risk, at least in the immediate term.
  • OAT/Bunds unwinds almost all of today's ~2.5bp of widening that was in place ahead of the headline.
  • Spread last 73.8bp, comfortably within the multi-week range.