With expectations around EUR300bn, the EUR489bn print is well above expectations.
ECB ALLOTS EU 29.7BLN IN 98 DAY REFINANCING TENDER
ECB AWARDS EU489 BLN IN THREE-YEAR LOANS VS EST EU293 BLN
ECB SAYS 523 BANKS ASKED FOR THREE-YEAR LOANS
The initial reaction seems to be risk on as EUR is rallying. Gold and Silver are also rallying. Stocks and CONTEXT rallying but BTPs not reacting aggressively yet.