Picture
Contatti
Picture

ECB brings forward new anti-fragmentation tool in response to latest bond market woes

In breve

ECB takes anti-fragmentation action: At an unscheduled meeting the ECB today decided to “apply flexibility in reinvesting redemptions coming due in the PEPP portfolio…” and “to accelerate the completion of the design of a new anti-fragmentation instrument for consideration by the Governing Council.”

Highlights:

  • At today’s unscheduled meeting the Governing Council (GC) announced to flexibility reinvest PEPP redemptions and “to accelerate the completion of the design of a new anti-fragmentation instrument”.
  • The recent widening of Southern European bond amid hawkish rates repricing forced the ECB from verbal inter-vention into outright action.
  • While today’s announcement will probably appease markets for now. In a knee-jerk reaction the 10-year BTP-Bund spread receded by 25 bps.
  • The pressure is now on the ECB to come up with an effective tool not violating the legal framework. A risk of disappointment remains.
  • Looking further down the road, an effective anti-fragmentation tool would allow the ECB to move ahead more eagerly with policy normalisation.

Read the full publication below

ECB brings forward new anti-fragmentation tool in response to latest bond market woes
Competenze
Investimenti Responsabili
Insights
Chi Siamo
Contatti
Picture
Picture

© Generali Investments, tutti i diritti riservati. Questo sito web è fornito da Generali Investments ed è considerato come una comunicazione di marketing e una promozione finanziaria riferita ai prodotti e servizi delle società elencate di seguito, appartenenti al Gruppo Generali: Generali Investments Partners S.p.A. Società di gestione del risparmio, Generali Insurance Asset Management S.p.A. Società di gestione del risparmio, Generali Investments Luxembourg S.A. e Generali Investments Holding S.p.A. (nel prosieguo, congiuntamente indicate come Generali Investments). Inoltre, il sito può contenere comunicazioni di marketing e promozioni finanziarie di prodotti e servizi di società appartenenti alla piattaforma coordinata da Generali Investments Partners S.p.A. Società di gestione del risparmio, nello specifico di Generali Global Infrastructure, Sycomore Asset Management, Aperture Investors LLC., Plenisfer Investments SGR, Lumyna Investments e Generali Real Estate S.p.A. Società di Gestione del Risparmio

Note Legali
Informativa Sui Cookie
Informativa Sulla Privacy
Termini e Condizioni
Copyright
Glossario