Long Term Refinancing Operation

“We expect ECB to announce new LTRO in coming months – still Constructive on EMU peripheral spreads. This would lead to a steeper term structure of EUR rates and support the compression of peripheral EMU spreads to German Bunds. The recent decline in political uncertainty in Italy and the fact that Ireland and Portugal remain broadly on track to receive further support from Euro area member states should work in the same direction.” (Goldman Sachs)

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