ECB surpasses expectations with first corporate bond purchases
The central bank bought €348 million of corporate bonds last week
The European Central Bank’s first corporate-bond purchases surpassed analyst expectations, boosting optimism that its stimulus package will support prices.
“This is a very promising start,” said Hyung-Ja de Zeeuw, a senior credit strategist at ABN Amro. “It’s much higher than the market anticipated. Draghi didn’t want to disappoint.”
Investors rushed into investment-grade corporate bonds after the ECB announced plans to enter the market, helping drive...
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