"The European Central Bank's (ECB) asset purchases are estimated to have lowered 10-year euro area bond yields by between 50 and 150 basis points (bps) across major euro area countries, with Portugal and Ireland having seen the largest impact," Moody's Investors Service wrote in a recent report.
The impact of ECB purchases on government bonds yields for euro area peripheral countries has been around 50 basis points greater, on average, than for core countries.
The research found considerable variation across countries, with estimates ranging from 50-150bps.
Portugal and Ireland saw the largest impact, suggesting that ECB purchases have had both a quantitative easing (QE) and credit easing impact.
The report's findings suggest that there will be significant increases in long-term benchmark government bond yields as asset purchase programmes in Europe peak and the stock of purchases eventually declines.
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