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BUNDS
Long end German swap spreads have started to move away from multi-year tights in recent days.
- Several sell-side names have issued widener recommendations in 10- & 30-Year swap spreads .
- Reasoning for those recommendations includes ‘stretched’ valuations, expectations for a slowing of receiver-side swap flow from the LDI community, a break in long end issuance out of Germany and a potential rebound in mortgage hedging flow.
- Further out, Commerzbank doubt that the Bund swap spread recovery will continue after the Easter break, with an eye on the return of broader EGB super-long issuance. They also have a bias to add to Schatz spread tighteners on further widening.
Fig. 1: German 10-/30-Year Swap Spreads (bp)
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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