Report
Long SPGB 10/34 vs OLO 6/35
Spain will keep outperforming other European countries on the macro front in 2025 and will enjoy some ratings upgrades as well (by Moody’s and Fitch). In the meantime, Belgium will be downgraded to A- during the course of the year, enhancing the underperformance of OLOs vs SPGBs. In the context, we recommend buying the SPGB 10/34 vs OLO 6/35 at +3.5bp. Our target and stop-loss will be respectively set at -10bp and +10bp with a trading horizon of 6m.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Cyril Regnat
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