ECB move shakes markets

The ECB shook markets yesterday morning, adding three Italian corporates to the list of names eligible for purchase under its quantitative easing programme.

Utilities Terna, Enel, and Snam were added to the list, even though all three have minority government ownership. The trio’s euro bonds rocketed tighter on the announcement.

While the central bank was rumoured to be considering adding corporates to its QE list in October last year, it only included governments, supra-nationals, agencies and covered bonds — all considered to carry little risk.