October 20, 2014 / 10:47 AM / 3 years ago

ECB begins buying covered bonds

LONDON, Oct 20 (IFR) - The European Central Bank began buying covered bonds in the secondary market on Monday, launching its highly-anticipated third covered bond purchase programme.

On Friday the ECB announced it, along with eurozone national central banks, would begin purchasing chunks of secured bank debt.

Market sources thought that peripheral banks, where yields are highest, could be the main target.

“The ECB is looking through traders’ inventory and is buying up small amounts of debt. They’re inquiring about French and Belgian debt in pretty small sizes of around 5m,” said a London-based banker. (Reporting by Aimee Donnellan; Editing by Alex Chambers)

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