SNB bond-buying ‘exacerbating’ euro fragmentation – S&P

euro-banknotes

Purchases of ‘core' eurozone bonds by the Swiss National Bank (SNB), estimated at €80 billion ($103.7 billion) in the first seven months of this year, have "significantly contributed to the declining yields on bonds issued by the core sovereigns during 2012", according to a report issued today by rating agency Standard & Poor's (S&P). S&P said the ‘blended average' 10-year yield of core sovereigns stands at 2.15% year-to-date, versus 3.04% in 2011.

"Largely unnoticed, Switzerland's decision to

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