In a report published today, ECB said that it’s corporate bond purchases sharply lowered bond spreads. It said that “in the subsequent period …(to) the end of December 2017, the CSPP accounted for a decline in corporate bond spreads of, on average, 25 basis points for eligible bonds, 10 basis points for ineligible investment-grade bonds and 20 basis points for all ineligible bonds.”

Also, “for eligible bonds, the CSPP can be credited with almost the entire decline in spreads since the announcement of the programme.”

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