- 523 EU banks borrowed 489bn for 3y but paid back 307bn of shorter term money, for a net increase of 182bn.
- EU Consumer Confidence declined to -21.2 vs -20.4 prev
- UK GfK Consumer Confidence declined to -33 in Dec vs -32 exp and -31 prev. It is the lowest prince since Feb 2009.
- Swedish NIER Survey declined to 92.8 vs 93 exp and 94.4 prev
Quotes from Citi’s Bank Newsletter:
“the default strategy followed by most of our regional bank treasury customers seems to be to put bonds with the longest duration in held-to-maturity”
“they are reluctant to part with attractively priced assets when the alternative investment choice yields close to zero”