Here they are, the results of the ECB’s three-year long term refinancing operation (LTRO) allotment, via Reuters:
RTRS – ECB ALLOTS 489.191 BLN EUROS IN 1134-DAY OPERATION
RTRS – ECB ALLOTS 489.2 BLN EUROS IN FIRST EVER 3-YEAR LENDING OPERATION VS REUTERS POLL 310 BLN EUROS
€489.19bn is definitely at the top end of analyst expectations, and proves that appetite for funding as well as carry-trades (we presume) is extremely high.
That, or there’s simply a lot of low-quality collateral out there which banks feel more comfortable transforming into liquidity via ECB funding operations.
Here’s the entire results table from Reuters, showing no less than 523 bidders:
Mind the footnote in the above — €45.7bn from the last 1-year tender, that took place in October, was shifted into the 3-year.
Related links:
The €442bn question — a guideline – FT Alphaville
July 1 could be the day liquidity dies - FT Alphaville
Credit enhancement, Italian sovereign feedback-loop edition – FT Alphaville