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Free AccessTLTROS (1/2) - REPOST due to technical..........>
ECB: TLTROS (1/2) - REPOST due to technical problems w earlier post:
Sell-side views for today's TLTRO III.4 takeup (annc. 1030BST/1130CET) vary
widely. Exec Board member Schnabel said last week that takeup could be on the
order of EUR1.4trn, given surveys.
- Schnabel's EUR1.4trn appears to be higher than most sell-side analysts had
expected, and appears to have recalibrated consensus upward.
- Note the EUR1.4trn figure refers to gross takeup - the net figure will
subtract the ~EUR760bln in repayments from earlier TLTROs etc.
- Reminder, this TLTRO matures in Jun-23, and until Jun-21 the funding cost can
be as low as -1% depending on meeting lending conditions. Generally speaking, a
higher takeup vs consensus should be considered positive.
- Per Unicredit,indicate reluctance by banks to increase their liquidity"; EUR 900-1,200bn (asthey expect) broadly in line with market expectations; >EUR 1,200bn likelypositive for sentiment/short-term rates, particularly in BTP curve.- We won't get details on allocations until next month.
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