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ECB bond buy programme dormant as Spain woes mount
April 27, 2012 / 1:55 PM / in 5 years

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)

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