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EGBS: Spreads To Bunds Tighten On ASML-led Equity Rally

EGBS
BulletEurozoneFixed Income BulletsMarkets

10-year EGB spreads to Bunds are generally biased tighter, driven by this morning’s ASML-led rally in European equities.

  • The 10-year BTP/Bund spread has fully retraced the widening seen into yesterday’s close, now 2bps tighter at ~107.5bps. Yesterday’s widening came on news that PM Meloni has been placed under investigation in a case relating to the repatriation of a Libyan police officer.
  • OAT/Bund has also tightened ~0.5bps to ~72.5bps, despite reports of a fresh rift between the Socialists and the Government following comments from PM Bayrou on migration. A deterioration of relations between the groups may threaten the chances of Bayrou getting his 2025 budget through the National Assembly.
  • Spanish flash Q4 GDP was stronger-than-expected at 0.8% Q/Q (vs  0.6% cons, 0.8% prior), but did not generate any material outperformance in the Spanish curve relative to peers.
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10-year EGB spreads to Bunds are generally biased tighter, driven by this morning’s ASML-led rally in European equities.

  • The 10-year BTP/Bund spread has fully retraced the widening seen into yesterday’s close, now 2bps tighter at ~107.5bps. Yesterday’s widening came on news that PM Meloni has been placed under investigation in a case relating to the repatriation of a Libyan police officer.
  • OAT/Bund has also tightened ~0.5bps to ~72.5bps, despite reports of a fresh rift between the Socialists and the Government following comments from PM Bayrou on migration. A deterioration of relations between the groups may threaten the chances of Bayrou getting his 2025 budget through the National Assembly.
  • Spanish flash Q4 GDP was stronger-than-expected at 0.8% Q/Q (vs  0.6% cons, 0.8% prior), but did not generate any material outperformance in the Spanish curve relative to peers.