MNI China Daily Summary: Wednesday, November 20

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Spreads To Bunds A Little Wider

EGBS
HomepageBond Market NewsBulletMarketsFixed Income Bullets

A move away from lows in Euro Stoxx futures counters some of the early EGB spread widening vs. Bunds, after late Wednesday flight-to-quality price action spilled over at the open.

  • Spreads last 0.5-2.0bp wider on the day.
  • ASWs initially moved wider on the day, further reflecting the flight-to-quality move, but are off session highs.
  • Spanish & French supply present the regional points of note today.
  • Elsewhere, French political headlines continue to be eyed (see our political risk team’s coverage for more on that front.).
  • Commerzbank still “still see limited value in OAT-Bund tighteners as there seems to be no quick fix to the budget challenges and given that Macron has not made a (PM) decision yet, yesterday's tightening may partly reverse today.”
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A move away from lows in Euro Stoxx futures counters some of the early EGB spread widening vs. Bunds, after late Wednesday flight-to-quality price action spilled over at the open.

  • Spreads last 0.5-2.0bp wider on the day.
  • ASWs initially moved wider on the day, further reflecting the flight-to-quality move, but are off session highs.
  • Spanish & French supply present the regional points of note today.
  • Elsewhere, French political headlines continue to be eyed (see our political risk team’s coverage for more on that front.).
  • Commerzbank still “still see limited value in OAT-Bund tighteners as there seems to be no quick fix to the budget challenges and given that Macron has not made a (PM) decision yet, yesterday's tightening may partly reverse today.”