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BUNDS: /SWAPS: Modest Upside Pressure In 30-year Bunds Post Syndi Mandate

BUNDS
BundesbankCentral Bank NewsCEEMEAEurozoneGermanyBulletMarketsFixed Income Bullets

Modest upside pressure in 30-year Bund yields following the syndication mandate, helping the 5s30s curve reach its steepest level since July 2022, now up 6.0bps today at 64.7bps.

  • The long-end German syndication has been on the cards for some time, but we had little conviction over the timing. The previously uncertain timing is what’s driving the immediate market reaction.
  • Buxl ASW (vs 3-month Euribor) remains within this morning’s range at -43.7bps. The contained reaction probably reflects already short positioning in spreads, particularly given existing week-to-date tightening on the back of increased German defence spending prospects.
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Modest upside pressure in 30-year Bund yields following the syndication mandate, helping the 5s30s curve reach its steepest level since July 2022, now up 6.0bps today at 64.7bps.

  • The long-end German syndication has been on the cards for some time, but we had little conviction over the timing. The previously uncertain timing is what’s driving the immediate market reaction.
  • Buxl ASW (vs 3-month Euribor) remains within this morning’s range at -43.7bps. The contained reaction probably reflects already short positioning in spreads, particularly given existing week-to-date tightening on the back of increased German defence spending prospects.