“Expectations were huge around what Mario Draghi would announce, the market has not been disappointed! ECB unveils an ambitious purchasing program of 60 billion of bonds until September 2016. In total, the amount of the Quantitative Easing will exceed 1 trillion euros. Because rumors had circulated yesterday and already suggested a large program, the risk of disappointment was strong today. By delivering these objectives, the ECB allows government rates to continue to fall and the euro to depreciate. We believe it is essential that the ECB makes the real rates going lower in order to get a better growth stimulation and for the Euro Zone to escape deflation. The package announced today is an important step and it is much too early to know if it will be enough. Inflation expectations strongly bounce this afternoon, the market seems to give some credibility to these decisions.
We remain invested in peripheral debt for which rates should continue to ease. Although the ECB has not announced any purchase of corporate debt, we maintain a preference for corporate bonds in our portfolios, especially in the high yield segment. They will benefit from an economic environment that is expected to improve and from the search for yield which can only intensify in this world of even lower rates.”
www.fixed-income.org
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