Core European banks board TLTRO gravy train

European Central Bank funding proved irresistible for lenders across the eurozone this week, with participation in the latest round of Targeted Longer-Term Refinancing Operations (TLTRO III) reaching a record €1.31tr. The astonishing take-up will cement expectations for fewer deals and more buy-backs in the FIG market, as well as the return of the government bond carry trade, write Tyler Davies and Bill Thornhill.