Benchmarking and impact analysis of the ECB QE - A big fish in a smaller pond
With €60bn of monthly asset purchases to be completed between March 2105 and September 2016, the ECB is about to embark on an unprecedented program. On one hand, our guts tell us that its impact can only be profound and long-lasting, but on the other hand, we have to reckon that we are entering unchartered territory. Consequently, as we always do for any complex and multifaceted situations at Eiffel, we put on our analyst caps, we dig into relevant data and information, and we used our knowledge and experience of European credit markets to form a view that will shape the Fund’s portfolio positioning. This time was no different and given the high-profile nature of the ECB’s announcements for European credit markets, we have decided to write for our readers the most important conclusions of our analysis. (full analysis)