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The ECB's securities issuance statistics......>

BONDS
BONDS: The ECB's securities issuance statistics for May nicely highlight the
divergent paths of bond market growth.
- Non-Finl corps grew 8.2% Y/Y
- MFIs contracted 1.9% Y/Y
- General Govt grew 2.0% Y/Y
_ In terms of maturity, short-term debt securities decreased to 0.5% Y/Y but
long-term debt rose 1.5% Y/Y.
- To give some perspective, the debt market grew by a net E112.1bln in May,
which is still some way above the ECB's APP target of E60bln.

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