THIS year heralds a brave new world for euro credit spreads. The continent’s biggest buyer of corporate debt is calling a halt after amassing a €180bil (US$206bil) portfolio in just two- and-a-half years.
The European Central Bank’s (ECB) Corporate Sector Purchasing Programme (CSPP for short) is ending net new buys after gorging on investment grade euro corporate bonds. But the party isn’t completely over – “just slowing down a lot.
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