ECB bond buy programme dormant as Spain woes mount

FRANKFURT, April 27 (Reuters) - The European Central Bank
kept its bond purchase programme dormant for the seventh week in
a row this week, despite increasing unease in financial markets
about the situation in Spain.
A drop in pressure on key euro zone bond markets at the
start of the year allowed the ECB to all but shut down its
Securities Markets Programme (SMP) in February, but with
tensions rising again focus is returning to the programme.
Spanish 10-year bond yields neared 6 percent
on Friday after Standard & Poor's cut Europe's fourth largest
economy's credit rating by two notches to BBB+.
The lack of new ECB purchases this week kept the total of
the bonds the bank has bought since May 2010 at 214.0 billion
euros. None of the bonds bought previously matured. (For data
ECBSMP=ECBF).
The ECB reported its bond buying data early due to the May
day public holiday. It means it will hold its so-called
'sterilisation' tender -where it takes deposits from banks to
offset its controversial bond purchases- on Monday instead of
Tuesday.
Despite only scarce interventions since flooding the market
with a second wave of ultra-cheap three-year funding at the end
of February, the ECB has kept the programme in place in case
market tensions re-emerge.
There is a growing expectation in financial markets that the
ECB will have to ride to the rescue again with Spain under
intense pressure.
A recent Reuters poll showed that three quarters of the 60
participating economists expect the ECB to restart its
government bond purchase programme in the next three months.

For Reuters ECB information page on bond purchases, see
.
Date Bonds bought Bonds matured
14/05/2010 16.5
21/05/2010 10
28/05/2010 8.5
04/06/2010 5.5
11/06/2010 6.5
18/06/2010 4.2
25/06/2010 4
02/07/2010 4
09/07/2010 1
16/07/2010 0.302
23/07/2010 0.176
30/07/2010 0.081
06/08/2010 0.009
13/08/2010 0.01
20/08/2010 0.338
27/08/2010 0.142
03/09/2010 0.173
10/09/2010 0.237
17/09/2010 0.323
24/09/2010 0.134
01/10/2010 1.384
08/10/2010 0.009
15/10/2010 0
22/10/2010 0
29/10/2010 0
05/11/2010 0.771
12/11/2010 1.073
19/11/2010 0.713
26/11/2010 1.348
03/12/2010 1.965
10/12/2010 2.667
17/12/2010 0.603
24/12/2010 1.121
31/12/2010 0.164
07/01/2011 0.113
14/01/2011 2.313
21/01/2011 0.146 0.087
28/01/2011 0
04/02/2011 0
11/02/2011 0
18/02/2011 0.711 0.040
25/02/2011 0.369
04/03/2011 0
11/03/2011 0
18/03/2011 0 0.170
25/03/2011 0.432 1.054
01/04/2011 0
08/04/2011 0 0.055
15/04/2011 0 0.830
22/04/2011 0
29/04/2011 0
06/05/2011 0
13/05/2011 0
20/05/2011 0 1.227
27/05/2011 0
03/06/2011 0
10/06/2011 0
17/06/2011 0 1.008
24/06/2011 0
01/07/2011 0
08/07/2011 0
15/07/2011 0
22/07/2011 0 0.245
29/07/2011 0
05/08/2011 0
12/08/2011 22.0
19/08/2011 14.291
26/08/2011 6.651 1.327
02/09/2011 13.305
09/09/2011 13.960
16/09/2011 9.793
23/09/2011 3.952 0.69
30/09/2011 3.795
07/10/2011 2.312
14/10/2011 2.243
21/10/2011 4.490 0.24
28/10/2011 4.0
07/11/2011 9.52
14/11/2011 4.478 0.649
18/11/2011 7.986 0.131
25/11/2011 8.581
02/12/2011 3.662
09/12/2011 0.635
16/12/2011 3.361
23/12/2011 0.019
30/12/2011 0.462
06/01/2012 1.104
13/01/2012 3.766
20/01/2012 2.243 0.035
27/01/2012 0.063
03/02/2012 0.124
10/02/2012 0.059
17/02/2012 0
24/02/2012 0
02/03/2012 0
09/03/2012 0.027 1.523
16/03/2012 0
23/03/2012 0 4.273
30/03/2012 0
06/04/2012 0
13/04/2012 0
20/04/2012 0
27/04/2012 0
Total 214.0 (previous week 214.0)