Italy, Spain, Greece, Portugal, Ireland Spreads to German Bunds (Quotes)

10Y Portuguese-German Yield Spread (Bloomberg) has charts and quotes of Eurozone government bond yield spreads to German bunds as a sovereign credit risk indicator. Germany is considered the safest sovereign credit in the Eurozone; so if a country's bond yield increases against German bunds, then credit risk is rising. Unfortunately I could only find 10-year spreads on Bloomberg's website (UPDATE: The 5Y Italian-German Bund spread works, you can try to tweak the other quotes). Apparently 5-year spreads are more important to watch. You can also watch the government bond yield itself and the credit default swap to monitor credit risk. Look at the snapshot of Portugal-Germany during the past year!

*Update: Unfortunately took these charts down, but the spreads are still available on a daily basis (the links redirect to their government bond center). You can still view charts of government bond yields.

*Update #2: You can view charts of these spreads (risk premiums) at

First the PIIGS:
10 Year Greek - German Bund Spread (.GRGER10:IND)
10 Year Italian - German Bund Spead (.ITAGER10:IND)
5 Year Italian - German Bund Spread (.ITAGER5)
10 Year Portuguese - German Bund Spread (.PORGER10:IND)
10 Year Ireland - German Bund Spread (.IRGERSP:IND)
10 Year Spanish - German Bund Spread (.SPAINGER10:IND) (works)

France, Belgium and the UK:
10 Year French - German Bund Spread (.FRAGER10:IND)
10 Year Belgium - German Bund Spread (.BELGER10:IND)
10 Year U.K. Gilt - German Bund Spread (.UKGER10:IND)

Related Post on June 24, 2011: 10 Year Italian-German Bund Yield Spread Makes New High; Watching Spain (Chart)

For more bond quotes and charts at visit this post at Market participants can now trade 10-year Sovereign Yield Spread Futures. Here is the press release and video via CME Group. I embedded the video after the jump.

"CME Group Announces the Introduction of Sovereign Yield Spread Futures to Help Manage Risk Exposure Between Government Bond Markets

LONDON, April 21, 2011 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, has announced today that it will introduce cash-settled Sovereign Yield Spread futures beginning May 22 for a trade date of May 23. The six countries represented in the initial launch phase include France (OAT), Germany (Bund), Italy (BTP), Netherlands (DSL), United Kingdom (Treasury Gilts), and United States (Treasury Notes). These products are listed by and subject to the rules of CME, and further diversifies CME Group’s Interest Rates product portfolio.

To view the multimedia assets associated with this release, please click:

"We have had many discussions during the past several months with asset managers, investment banks and hedge funds about their U.S. and European government bond portfolio needs, and the message to us was clear – design a contract that provides capital efficiencies through one clearing facility that is cost effective and meets the regulatory requirements," said Robin Ross, Managing Director, Interest Rate Products for CME Group. "Our new Sovereign Yield Spread contracts will be key risk management tools for anyone with exposure to U.S. and European government bonds and will help facilitate the price and risk transparency that global central banks desire."

Key features and benefits of the new contract include the following:
  • Sovereign Yield Spread futures wrap a sovereign yield spread exposure into a single futures contract – with no need to execute and manage individual legs in cash bond/repo markets or across multiple futures exchanges.
  • Sovereign Yield Spread futures make trading and monitoring of sovereign yield spread exposures simpler, more cost-effective, and more capital efficient than ever before.
  • Sovereign Yield Spread futures are cash-settled and trade exclusively on CME Globex.

View a video discussion of Sovereign Yield Spread futures here: and read a new research paper from CME Group here:".

*Video is here
Comment Form is loading comments...