Credit markets hope for ECB support
In view of the continuing high infection rates, a further easing of monetary policy is expected at the upcoming ECB meeting. A continuation of bond purchases beyond June 30, 2021, would be an important support factor for the credit markets in addition to the hoped-for containment of the pandemic. However, an extension of the refinancing facility (TLTRO3) would also be accompanied by lower issuing activity in the banking segment, especially for covered bonds.
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