FIXED INCOME
Swap spread shows smaller appetite for government bonds
But country spreads remain in compression outside of France
Spread vs. Germany 10y
5y EUR swap spread (bps)
110
220
100
200
90
180
80
160
70
140
60
120
50
100
40
80
30
60
40
20
20
10
0
0
01-23 04-23 07-23 10-23 01-24 04-24 07-24 10-24
2019
2020
2021
2022
2023
2024
France
Spain
Italy
Public Sources : Rothschild & Co Asset Management, Bloomberg – 31/12/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behavior. This data is provided for illustrative purposes only. Depending on the date of issue, the information presented may differ from the updated data
91
Made with FlippingBook Learn more on our blog