ECB looking at buying corporate bonds.....note this market is very small in the grand scheme of things- the reason is because banks fund with loans (and equity) not so much securities, unlike in the US. So Non financial corporate loans are EUR 1.1trn in total. non financial corporate loans are EUR 9trn. And this is the problem with Euro area QE in general. We do not have that large a securities market and so it is very difficult for the central bank to buy things with meaningful consequence. That is why they targeted ABS and want to spur that market- makes a more liquid securitised market for loans. This policy economically would not change our view. It is clearly going to be positive for companies targeted for purchases though.