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European Central Bank

German yields rise with US treasuries as ECB impact fades

German yields rise with US treasuries as ECB impact fades

  • Ten-year US Treasury yields rose to over 1.63%, their highest level since February 2020 and their German equivalents, the benchmark for the region, rose as high as -0.293%.
  • Italian 10-year yields, which outperformed the market on Thursday as the country is among the top beneficiaries of ECB bond buying, were up 5 basis points at 0.63%.
Published 12 Mar, 2021 09:36pm
ECB policymakers spar on fallout of US stimulus, outlook
Business & Finance

ECB policymakers spar on fallout of US stimulus, outlook

  • The ECB decided on Thursday to accelerate money-printing to keep a lid on euro zone borrowing costs, signalling to sceptical markets that it is determined to lay the foundation for a solid economic recovery.
  • "Biden just came in, the bill has already passed, and the check's going to be in the mail next week," one source said.
Published 12 Mar, 2021 08:55pm
ECB policymakers agree on bond purchase target, differ on yield level aim
Business & Finance

ECB policymakers agree on bond purchase target, differ on yield level aim

  • The sources said policymakers set on a monthly target for the its Pandemic Emergency Purchase Programme with a small tolerance band around it but agreed not to reveal it.
  • One of the sources said the ECB aimed to push down yields to where they were in December while another said improved economic prospects meant part of the recent increase in yields was justified.
Updated 11 Mar, 2021 10:04pm
Euro zone yields fall after ECB says it will increase PEPP
Markets

Euro zone yields fall after ECB says it will increase PEPP

  • Euro zone yields were already edging down, tracking moves in US Treasuries, which were affected by an auction of benchmark 10-year notes that was not as bad as feared.
  • The ECB barely increased its emergency bond purchases in recent weeks, stoking doubts about the bank's resolve to calm market nerves and support indebted governments through the pandemic.
Published 11 Mar, 2021 07:04pm
ECB barely raised purchases last week even before redemptions
Business & Finance

ECB barely raised purchases last week even before redemptions

  • The ECB bought 18.2 billion euros worth of bonds on a gross basis - that is, before taking out redemptions - under its Pandemic Emergency Purchase Programme last week, the data showed.
  • ECB policymakers appeared divided on the question of greater market intervention ahead of their policy meeting on Thursday.
Published 09 Mar, 2021 08:41pm
Rising euro zone rates a drag on growth, inflation, says ECB's De Cos
Business & Finance

Rising euro zone rates a drag on growth, inflation, says ECB's De Cos

  • "These developments underline the importance of avoiding premature increases in nominal interest rates," de Cos added.
  • The ECB will next meet on March 11 and while an outright increase in the 1.85 trillion-euro Pandemic Emergency Bond Purchase quota is not likely, the ECB could say it will increase the flow of purchases to cap yields.
Published 03 Mar, 2021 06:29pm
ECB must not hesitate to raise bond buys to rein in yields: Panetta
Business & Finance

ECB must not hesitate to raise bond buys to rein in yields: Panetta

  • "We should not hesitate to increase the volume of purchases and to spend the entire PEPP envelope or more if needed," Panetta said in a speech.
  • Just under 1 trillion euros ($1.20 trillion) of the ECB's PEPP quota is still unused and until the recent yield rise, policymakers argued that the ECB did not necessarily have to spend this amount.
Published 02 Mar, 2021 08:19pm
Germany's profit from public debt may reach 600 million euros by 2029: document
Markets

Germany's profit from public debt may reach 600 million euros by 2029: document

  • The calculations are likely to fuel a debate in Germany about when Berlin should end massive deficit-spending triggered by the COVID-19 pandemic, and return to the fiscal rules of a debt brake that parliament suspended for 2020 and 2021.
  • Deputy Finance Minister Bettina Hagedorn said the calculations were only estimates and fraught with uncertainty due to the long time period.
Published 24 Feb, 2021 07:56pm
European government bond yields ignore Lagarde's verbal intervention; focus on Fed
Markets

European government bond yields ignore Lagarde's verbal intervention; focus on Fed

  • ECB President Christine Lagarde said on Monday the central bank was "closely monitoring" rising borrowing costs - a comment that knocked Germany's 10-year Bund yield off its eight-month high.
  • The ECB's strategy "is not to burn too much cash trying to lean against the wind - rather to intervene verbally", he said, citing lower levels of ECB bond-buying last week.
Published 23 Feb, 2021 09:11pm
Top banks asked to justify why they still clear euro swaps in London
Business & Finance

Top banks asked to justify why they still clear euro swaps in London

  • Clearers in Britain have EU permission to continue clearing for EU customers until mid-2022 to give banks time to shift their euro positions to the continent, but switching has been slow.
  • "The objective of this discussion is to ensure that the Commission is aware of all possible impediments, obstacles and opportunities," the document prepared for the meeting said.
Published 23 Feb, 2021 07:14pm
ECB getting uncomfortable with rise in yields
Business & Finance

ECB getting uncomfortable with rise in yields

  • Risk-free overnight indexed swap rates and sovereign yields are particularly important, because they are good early indicators of what happens at downstream stages of monetary policy transmission.
  • "Accordingly, the ECB is closely monitoring the evolution of longer-term nominal bond yields," she said.
Published 22 Feb, 2021 09:30pm