BlackRock Buys Short-Maturity Spain, Italy Debt on ECB Loans

BlackRock Inc. bought short-maturity Spanish and Italian government debt on the expectation the European Central Bank’s offering of low-price loans to euro-area banks will keep interest rates from climbing.

While notes due in about four years or less have tumbled in yield in recent years, they remain attractive in terms of liquidity and ratings, according to Scott Thiel, deputy chief investment officer for fundamental fixed income at BlackRock, the world’s largest money manager with more than $4 trillion.