Even if the acquisitions of bonds and notes-stop at the end of December, the European Central Bank (ECB) with a large buyer in the bond markets, because it is acquiring overdue papers replacement. This “reinvestment” will have a three-digit billion volume in the year. As the ECB has made it clear, will make both end – state-as well as for corporate bonds and Pfandbriefe replacement purchases. Overall, it is alone in the next year to 210 billion euros of net investment, estimates the Bank Unicredit. – 173-billion-Euro state will be papers.
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“There is no official breakdown according to countries, but we estimated 40 billion euros in German government bonds, 33 billion euros of French government bonds, 30 billion euros of Italian and 20 billion euros in Spanish government bonds,” wrote Unicredit Analyst Luca Cazzulani on Friday. Overall, the ECB has acquired with its purchase program for 2015 to 2.6 trillion Euro papers, of which nearly 2100 billion euros in bonds issued by States or state-based supranational institutions such as the European investment Bank.
“The reinvestment of considerable importance for the market,” said Daniel Lenz, an Analyst at DZ Bank. The average monthly reinvestment volume of public bonds is estimated at 14 billion euros in the coming year. The ECB holds their “Stock”, stock is for the market to be more relevant than the end of the Neuzukäufe, emphasizing the DZ Bank. ECB President Mario Draghi had called the previous day as a “misunderstanding” that the Central Bank of its bond-buying program to finish; it is over, Draghi stressed that the ECB will stay as a buyer in the market.
As the Central Bank announced that it will Orient itself in the distribution of government bond-Rebuys more on the so-called ECB capital key, which reflects the economic weight of individual countries. 1. January calculated the share capital of Euro member countries after five years. Italy and Spain’s rates fell relatively clearly, because they are economically grown less than about Germany. Italy’s capital ratio, for example, decreases by half a percentage point from 17.5 percent to 17 percent, while Germany’s rate, the estimated liability rate increases of 25.6 to 26.4 percent.