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GC Asia
Draghi boosts credit bulls with fresh TLTRO
European financial institution bond markets have been rallying this year as economic weakness raised expectations of renewed European Central Bank easing action. On Thursday, it delivered a new round of bank refinancing loans — sooner than thought, but reassuring nevertheless — presaging another move tighter in southern European credit. Bill Thornhill and Tyler Davies report.
The terms of the third targeted longer-term refinancing operations (TLTRO III) will be less favourable for banks than the terms of its predecessor. The new operations will have a two year maturities, which is half the duration of the financing that the ECB provided under TLTRO II.
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