Tip:
Highlight text to annotate it
X
SECOND TERM REFINANCE OPERATION.
JULIA IS LOOKING AT WHAT
HAPPENED SINCE THE FIRST ONE.
JULIA.
>> THE ANTICIPATION IS ALMOST
OVER.
WHAT WE'RE EXPECTING FROM THIS
THREE-YEAR LTRO, THE SECOND TIME
THAT THE ECB HAS LENT THIS
THREE-YEAR MONEY TO THE MARKET
AT A CHEAP RATE RELATIVELY, 1%
U, THE FUNDING CO. ESTIMATES
HAVE VARIED ON WHAT WE'RE
EXPECTING BETWEEN 1 TRILLION AND
200.
NOT VERY DIFFERES.
THE NET LIQUIDITY, GIVEN THE
SW
MARKETS IN THE INCREASE IN
LIQUIDITY.
WE RECEIVE THAT WHERE SPREADS
THAT COME IN DRAMATICALLY.
I'M SHOWING YOU THE STOXX 600
HERE, 15% RALLY SINCE THE END OF
DECEMBER THERE.
THE FINANCIAL SECTOR ALSO UP
20%.
I'VE SEEN NOTHING IN THE CREDIT
MARKETS.
THE FINANCIALS, 100 BASIS POINTS
TIGHTER SINCE BACK IN DECEMBER.
AND AS YOU CAN SEE, WE'VE ALSO