FINANCIALS: Handelsbanken - Q1 25 Earnings Headlines

Modest widening in German ASWs this morning given the risk-off price action detailed elsewhere, spreads across the curve ~0.2-0.5bp wider vs. 3-month Euribor.

• Note that Bund and Buxl spreads have unwound effectively all the sell off that followed the announcement that initially indicated the surprise, expedited debt-brake tweak and related fiscal loosening.
• The combination of a lack of an immediate shift higher in German issuance, already short positioning in ASWs and U.S. tariff risks has countered the initial move lower in ASW spreads and does present risks to any fresh move lower in long end spreads in the immediate term.
• Still, fundamentals appear to continue to screen bearish for long end spreads over the medium-term.

• ITALY MAR FLASH HICP +1.6% M/M, +2.1% Y/Y

Source: EMMI/Bloomberg

• EUR001W           2.3880 -0.0130
• EUR001M           2.3580 0.0140
• EUR003M           2.3360 0.0080
• EUR006M           2.3360 -0.0180
• EUR012M           2.3060 -0.0180