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EGBS: Weaker, OATs Widen

EGBS
BulletEurozoneFixed Income BulletsMarkets

Early selling in EGBs, as bearish technicals remain intact.

  • The continued French political/fiscal uncertainty mentioned in earlier bullets factors in as OATs widen by 1.5bp vs. Bunds (sticking comfortably within the 71.6-88.4bp multi-month closing range, last 82.5bp).
  • Most EGBs are little changed to 1.0bp wider vs. Bunds.
  • Bund futures through Monday’s lows to 133.47. Next support at the 76.4% retracement of the Nov 6-Dec 2 bull cycle (133.22).
  • German yields little changed to 3bp higher, curve bear steepens.
  • Bund yields above 2.34%, on track for the highest close since November 20.
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Early selling in EGBs, as bearish technicals remain intact.

  • The continued French political/fiscal uncertainty mentioned in earlier bullets factors in as OATs widen by 1.5bp vs. Bunds (sticking comfortably within the 71.6-88.4bp multi-month closing range, last 82.5bp).
  • Most EGBs are little changed to 1.0bp wider vs. Bunds.
  • Bund futures through Monday’s lows to 133.47. Next support at the 76.4% retracement of the Nov 6-Dec 2 bull cycle (133.22).
  • German yields little changed to 3bp higher, curve bear steepens.
  • Bund yields above 2.34%, on track for the highest close since November 20.