Interest Rates Daily

Geopolitical tensions in the Middle East have pushed EUR rates higher, causing a sell-off in Bunds and underperformance in BTPs/OATs. The market is closely monitoring the BTP-Bund spread's relationship with oil prices, where a current valuation dislocation exists.

Key Takeaways

• 1.Middle East geopolitical tensions triggered a EUR rates sell-off, pushing 10Y Bund yields back above 3%.
• 2.The 10Y BTP-Bund spread remains highly correlated with oil prices and currently looks optically cheap.

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