EU REAL ESTATE: International Workplace (IWGLN; NR/NR/BBB) US Relisting ?

German ASWs vs. 3-month Euribor are -0.6bp to +1.1bp, Schatz ASW is lower, while longer-dated ASWs are bid on the day.

• Schatz vs. 3-month Euribor nears 5bp, which protects the March 19 closing low (4.93bp). A move below the latter would target the March 5 closing low (3.31bp).
• Bund vs. 3 -month Euribor remains sub-0bp.
• Buxl vs. 3-month Euribor trades above -35bp, nearing the year-to-date closing high (-34.08bp).
• Commerzbank note that “Schatz ASW cheapening continues, despite tighter long-end spreads of late and the CTD repo specialness increasing ahead of the roll. As the Schatz-€STR spread has never been able to maintain levels above 10bp, further underperformance potential seems limited without larger repricing in repo”.
• They also note that the “EUR 10/30-Year swap curve (6-month) hit new multi-year highs above 10bp. With the Buxl swap spread tightening recently, this could give rise to speculation about Dutch fixed paying interest”. Commerzbank still see further structural steepening potential on the outright swap curve.

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