October 6, 2016 / 2:21 PM / 10 months ago

Bank of England enters corporate debt market with 507 million pound purchase

1 Min Read

LONDON, Oct 6 (Reuters) - The Bank of England said on Thursday it had bought 507 million pounds ($640.85 million) of corporate bonds in the first week of its new purchase programme, part of the "sledgehammer" stimulus package it announced in August.

The BoE intends to buy 10 billion pounds of high grade, sterling-denominated corporate debt over the next 18 months to help businesses weather the effects of the Brexit process. ($1 = 0.7911 pounds) (Reporting by Andy Bruce Editing by Jeremy Gaunt.)

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