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Spreads To Bunds A Little Wider On Risk-Off Flow

EGBS
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EGB spreads to Bunds widen a little this morning, given the previously covered flight-to quality/risk-off moves.

  • Still, moves are relatively contained at this stage, spreads 0.5-1.0bp wider on the day.
  • BTP/Bunds remains anchored around 145bp after the benchmark 10-Year BTP roll.
  • OAT/Bunds still struggles to hold moves below 70bp despite Barnier being named French PM.
  • Fiscal pressure, related impending deadlines, the upcoming run of sovereign credit rating reviews covering France and entrenched political uncertainty continue to limit OAT tightening moves.
  • German ASW spreads a touch wider today, reflecting the risk-off flow.
  • EUR 3m10y vol. incrementally higher, nearing widest levels of the week.
  • A reminder that Scope Ratings is set to publish a sovereign credit rating update on Spain after hours (current rating; A-; Outlook Positive). It seems a little early for an upgrade here, given that Spain was only moved to positive back in March.
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EGB spreads to Bunds widen a little this morning, given the previously covered flight-to quality/risk-off moves.

  • Still, moves are relatively contained at this stage, spreads 0.5-1.0bp wider on the day.
  • BTP/Bunds remains anchored around 145bp after the benchmark 10-Year BTP roll.
  • OAT/Bunds still struggles to hold moves below 70bp despite Barnier being named French PM.
  • Fiscal pressure, related impending deadlines, the upcoming run of sovereign credit rating reviews covering France and entrenched political uncertainty continue to limit OAT tightening moves.
  • German ASW spreads a touch wider today, reflecting the risk-off flow.
  • EUR 3m10y vol. incrementally higher, nearing widest levels of the week.
  • A reminder that Scope Ratings is set to publish a sovereign credit rating update on Spain after hours (current rating; A-; Outlook Positive). It seems a little early for an upgrade here, given that Spain was only moved to positive back in March.