This report examines EGB auction performance, finding that technical drivers like redemptions outperform macroeconomic fundamentals. Strategists favor tactical curve steepeners given current ECB rate hike pricing.
Key Takeaways
- 1.French OAT auctions are showing record demand, suggesting investors prioritize technical factors over macroeconomic fundamentals.
- 2.ECB pricing of 75bp hikes by year-end is seen as an attractive entry point for tactical steepeners in the 2-5Y to 10Y segment.
Table of Contents
- EGB changeup
- Recent publications
- Upcoming data highlights
- EUR Rates Dashboard
- USD Rates Dashboard
- Interest Rates Research advanced tools
- Red Mount Analytics
- Global Markets Research contact details
- Certification
- Disclaimer
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Authors
Riccardo LamiaAlex LiJean-François PerrinGuillaume MartinMatthias Loise
Securities
OAT 0.50% 05/26
Themes
Sovereign Debt AuctionsECB Policy Expectations
Regions
EuropeNorth AmericaFranceItalySpain