Investors piled into peripheral eurozone debt yesterday ahead of the European Central Bank’s widely expected launch of large-scale bond purchases, even as political resentment mounted over German attempts to water down the programme.
Spain made one of its largest ever bond sales at a record low rate, drawing investor orders of close to €23bn from around the world. Last year, Spain paid close to 4 per cent to borrow money for 10 years: yesterday it paid 1.66 per cent.
Expectations that the ECB will tomorrow launch quantitative easing have driven up demand for government bonds in the eurozone, pushing yields down to historic lows. Countries in the periphery have moved to take advantage by locking in the low rates.
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