EGBS: OAT and BTP Spreads Widen Into Cash Close
Jun-19 15:25
10-year OAT and BTP spreads to Bunds have widened into the European cash close. The BTP/Bund spread is now ~154bps, while the OAT/Bund spread is ~79bps.
- There hasn’t been any obvious headline flow driving the price action, though the moves may represent a degree of caution ahead of tomorrow’s MT OAT supply.
- That will be the first French auction since the announcement of the snap General election on June 9 and will be a key litmus test for that market.
- However, we note that the auction size range is the smallest since August 2023 for MT lines, at E8.0-10.5bln.
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