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Unanimous ECB Decision Provides Prompts Further Bid

EGBS

After drifting away from lows mid-way through the press conference, EGBs once again found a bid as President Lagarde confirms today's interest rate decision was unanimous.

  • Alongside not commenting on PEPP reinvestments at all, Lagarde avoided taking a stance on whether the ECB is concerned re spread widening, but noted that they "have to make sure there is proper transmission of monetary policy across the euro area. We have all the tools to make sure that happens".
  • 10Y Bund yields currently sit at session lows around 2.84%, while 10Y BTP yields are just above lows at 4.82%.
  • 10-year BTP/Bund spreads sit around 1.4bps away from tightest levels at 198.3bps, while GGB/Bund spreads sit broadly flat compared to before the press conference (though still are 5.1bps tighter on the day at 134.1bps following the decision).
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