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BUYERS OF LAST RESORT: ECB & BOJ To Buy $1.3 TRILLION In Sovereign-Bonds in 2015

ECB and BOJ purchases will total $1.3 TRILLION this year, topping the $1 trillion bought by policy makers in the U.S. and Japan in 2014

by Daniel Kruger, Bloomberg:

Sovereign-bond purchases by the European Central Bank and the Bank of Japan are likely to fuel demand for fixed income that may exceed issuance this year by more than previously estimated, bolstering bond prices, according to JPMorgan Chase & Co.

Central-bank bond-buying will increase even after the end of a Federal Reserve program last year, leading to $600 billion in demand in excess of supply, according to a note to investors published by team of JPMorgan strategists that included Nikolaos Panigirtzoglou in London. The bank earlier estimated $412 billion in demand in excess of supply.

“The demand-supply backdrop is even more likely to remain supportive of bond markets this year,” Panigirtzoglou wrote.

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