(LTRO2)

2012/03

US HIGH YIELD

FIST-MKT-EXMP1203-032

 (LTRO2)
AT A GLANCE

March 2012

LTRO
LTRO1
ALLEVIATED INTERBANK LIQUIDITY STRESSES

2 29
(Long-Term Refinancing Operations, LTRO2)
800
5,300

2.0
1.8
1.6
1.4

European 3 mth interbank spread

3

1.2
%

1.0
0.8

0.6

0.0
Jan-07

0.4
0.2

3.

Jan-09

Jan-10

Jan-11

Jan-12

LTRO

LTRO1 REDUCED CONTAGION RISKS, HELPING ITALIAN BONDS

3
1221
:

1.
2.

Jan-08

800000

10 ()

Italy 10-year yield (LHS)

700000

ECB LTRO operations

LTRO

7
600000

500000

400000

5
300000

4
Jun-11
Datastream2012.02.27
ECB Statistical Data Warehouse, Bloomberg2012.02.23

FIST-MKT-EXMP1203-032

200000

Jul-11

Sep-11

Nov-11

Dec-11

Feb-12

ECB LTRO Operations (EUR m)

LTRO

Italy 10-year yield (%)

LTRO --
AT A GLANCE

March 2012

LTROLTRO
12LTRO

LTRO

LTRO

LTRO.

LTRO

LTRO

Trevor Greetham
FIL Limited,2012/03/01

FIST-MKT-EXMP1203-032

2011

()
http://www.fidelity.com.tw
http://www.fundclear.com.tw


10%

,




Fidelity, Fidelity Worldwide Investment, Fidelity Worldwide Investment FFIL Limited
FIL Limited FIL Limited 100%
20715

FIST-MKT-EXMP1203-032

0800-00-9911