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ECB begins covered bond purchases - Deutsche Bank

FXStreet (Łódź) - Jim Reid, Head of Global Fundamental Credit Strategy at Deutsche Bank, comments on ECB's launching of its covered bond-purchase program on Monday.

Key quotes


"Yesterday saw the ECB begin their purchases of covered bonds in the market. We will get their updated balance sheet numbers every Monday afternoon (starting next week) where we'll get a good idea how successful they are going to be at getting close to their soft target for the balance sheet."

"So every Monday's release will now be important in this regard but for now we had some early indications from the FT which suggested that the ECB purchases included Spanish, German and French issues."

"These purchases weren't enough to stabilise peripheral debt as Italian, Spanish and Portuguese 10Y yields rose +10bps, +9bps and +18bps respectively whilst German and US 10Y yields both fell slightly, by -1bp and -5bps respectively."

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