ECB firewall protects periphery auctions from Greek volatility

The European Central Bank’s larger than expected quantitative easing programme provided a bulwark to eurozone periphery sovereign yields outside Greece on Monday, boding well for a string of auctions this week. The countries’ set to auction this week are enjoying yields close to the record lows they hit after the QE announcement at the end of last week, despite a clear win for anti-austerity party Syriza in the weekend Greek election that pushed that country’s yields much higher.