Pace effect unclear as ABS is loaded into ECB bazooka
European ABS players shrugged their shoulders on Thursday as European Central Bank president, Mario Draghi unveiled an apparently open ended programme of sovereign quantitative easing. Quoted bid levels for periphery paper were stronger, but investors were more focused on whether ABS purchases would fall by the wayside with €60bn a month being pumped into the markets.
At his press conference in Frankfurt on Thursday, January 22, Draghi said the ECB would buy €60bn ($69.74bn) of public and private sector assets a month until at least September 2016, which will include the existing ABS and covered bond programmes.“There hasn’t been much of a reaction ...
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