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EGBS: Spreads To Bunds Widen As Equities Trade Heavy Post NFP

EGBS
BulletEurozoneFixed Income BulletsMarkets

10-year peripheral spreads to Bunds have widened through the afternoon, with global (particularly US) equities trading heavily following the US NFP and UMich data. The BTP/Bund spread unsurprisingly displays the highest beta to equity moves, now 2.5bps wider today at 117bps.

  • The spread reached a multi-year closing tight of 106.5bps in December 2024, but still remains historically tight at current levels.
  • Demand for Italian paper nonetheless remains robust, with this week’s 10-year BTP syndication seeing record order books in excess of E142bln. The E13bln size also exceeded MNI’s expectations of E10bln.
  • The GGB/Bund spread is 2bps wider, now back at 80bps. GGBs continue to outperform peers year-to-date though, on the back of fiscal tailwinds and a conservative ’25 issuance target.
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10-year peripheral spreads to Bunds have widened through the afternoon, with global (particularly US) equities trading heavily following the US NFP and UMich data. The BTP/Bund spread unsurprisingly displays the highest beta to equity moves, now 2.5bps wider today at 117bps.

  • The spread reached a multi-year closing tight of 106.5bps in December 2024, but still remains historically tight at current levels.
  • Demand for Italian paper nonetheless remains robust, with this week’s 10-year BTP syndication seeing record order books in excess of E142bln. The E13bln size also exceeded MNI’s expectations of E10bln.
  • The GGB/Bund spread is 2bps wider, now back at 80bps. GGBs continue to outperform peers year-to-date though, on the back of fiscal tailwinds and a conservative ’25 issuance target.
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