ECB covered bond action speaks louder than words

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ECB covered bond action speaks louder than words

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E8J67P Washington, DC, USA. 8th Oct, 2014. International Monetary Fund (IMF) Managing Director Christine Lagarde gives an opening remarks at a seminar titled "Challenges of Job-Rich and Inclusive Growth" held by the IMF at George Washington University in Washington, DC, capital of the United States, Oct. 8, 2014. © Bao Dandan/Xinhua/Alamy Live News | Alamy Stock Photo

The European Central Bank's new stimulus package will lower supply and boost demand for covered bonds, suggesting that ECB president Christine Lagarde will in fact 'close spreads' in the asset class. For now though, valuations remain under pressure and spreads are likely to widen in the short term.

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