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TLTRO: good for lending, bad for supply

Plans for a targeted long term refinancing operation (TLTRO) were quickly hailed as a crucial element of the European Central Bank’s easing programme. With the TLTRO lacking the stigma associated with its predecessors, take-up is expected to be high and associated with a boost in lending. But the news isn’t so good for FIG bond supply this autumn. Nathan Collins reports.

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