HALISTER1: Enter Tactical 10Y OAT/Bund Widening Trade, Target 30/32BP: BNP

Enter Tactical 10Y OAT/Bund Widening Trade, Target 30/32BP: BNP

(Bloomberg) -- Expect some 10Y OAT/bund rewidening with the risk of a return to the upper side of the PSPP range in 4Q due to the return of the risk-off mood, disappointing ECB and fast money positioning, BNP Paribas strategists including Eric Oynoyan write in client note.
  • Sell OAT Nov. 2025 vs Bund Feb. 2026; target 30/32bp, stop 18bp
  • There is no seasonal richening moving into Oct. peak in OAT redemptions and coupon payments
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Eric Oynoyan (BNP Paribas SA)

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