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ECB's 3Y LTRO Huge Demand

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.
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