Back
23 Jan 2015
ECB QE: Positive impact on EU peripheral spreads - Nomura
FXStreet (Bali) - According to Nomura, following the full-blown ECB QE announcement, the positive impact on EU peripheral spreads and curves can continue in the run-up to the start of the purchases.
Key Quotes
"We continue to have doubts over the lasting real economic ramifications of further monetary policy easing, but we think the positive impact on peripheral spreads and curves can continue in the run-up to the start of the purchases."
"We maintain 9yr SPGB vs. Bund tighteners, tactical 10yr-30yr BTP vs. Bund credit curve flatteners and 9yr PGB longs vs. BTPs. In core space, we maintain 10yr Bund ASW spread wideners and return to a 200% (from 150%) long DBR Aug24 vs. DBR Aug46 as a medium-term position."
Key Quotes
"We continue to have doubts over the lasting real economic ramifications of further monetary policy easing, but we think the positive impact on peripheral spreads and curves can continue in the run-up to the start of the purchases."
"We maintain 9yr SPGB vs. Bund tighteners, tactical 10yr-30yr BTP vs. Bund credit curve flatteners and 9yr PGB longs vs. BTPs. In core space, we maintain 10yr Bund ASW spread wideners and return to a 200% (from 150%) long DBR Aug24 vs. DBR Aug46 as a medium-term position."