Recent Eurozone Govt Bond Yield Spread Widening Contrasts with Credit Spread Moves

Dow Jones07-03 17:42

0941 GMT - Eurozone sovereign yield spreads have been creeping wider in the past few weeks, even as corporate credit spreads move in the opposite direction, BlueBay Asset Management CIO Mark Dowding says in a note. There is no substantive fundamental driver for this price action, though BlueBay would observe reduced demand from overseas weighing somewhat on yields, he says. BlueBay currently doesn't hold an active position in eurozone spreads. "Though around 85 basis points on 10-year bonds is a spread level which we think may represent interesting longer-term value in both Italy and France," Dowding says. The 10-year OAT-Bund yield spread is just shy of 80 basis points, while the 10-year Italian BTP-Bund yield spread is just below 78 basis points, according to Tradeweb. (emese.bartha@wsj.com)

(END) Dow Jones Newswires

July 03, 2026 05:42 ET (09:42 GMT)

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BlueBay currently doesn't hold an active position in eurozone spreads. \"Though around 85 basis points on 10-year bonds is a spread level which we think may represent interesting longer-term value in both Italy and France,\" Dowding says. The 10-year OAT-Bund yield spread is just shy of 80 basis points, while the 10-year Italian BTP-Bund yield spread is just below 78 basis points, according to Tradeweb. 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There is no substantive fundamental driver for this price action, though BlueBay would observe reduced demand from overseas weighing somewhat on yields, he says. BlueBay currently doesn't hold an active position in eurozone spreads. \"Though around 85 basis points on 10-year bonds is a spread level which we think may represent interesting longer-term value in both Italy and France,\" Dowding says. The 10-year OAT-Bund yield spread is just shy of 80 basis points, while the 10-year Italian BTP-Bund yield spread is just below 78 basis points, according to Tradeweb. 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