###(3/3) ECB views continued: * Nordea:....>

ECB VIEW: ###(3/3) ECB views continued:

* Nordea: Expect ECB to announce a 6-month extension of QE at E30bln p/m and no

change to forward guidance.

* Lloyds: Expect ECB to reduce QE to E30bln p/m until Sep and leave option open

to boost QE if needed and leave sequencing unchanged.

* Commerzbank: Expect ECB to reduce QE to E30bln p/m for 9-months, But Draghi

will also generously prescribe various tranquillisers; No end date, no rate

hike, continue reinvestment proceeds and ECB willingness to react if needed.

* Pimco: Expect ECB extends QE by 9-mths at E30bln p/m without committing to end

date. Strengthen commitment to keep rates/balance sheet unchanged when QE ends.

Think ECB raise deposit rate by 15bp in mid-2019 & reduce b/s from 2020 onward.