Pulling power

摘要

The gravitational pull exerted by the ECB's QE bond-buying programme was clear to see last week. Just one day into the bank's public sector purchase programme, the European Stability Mechanism sold a €3bn October 2017 offering at a reoffer yield of-0.07% - the first benchmark new issue from an agency or supranational whereby investors have to pay the borrower for the pleasure of buying its paper - but still managed to attract €9bn of demand.