ECB Distorting Debt Markets as UniCredit Bonds Converge With ANZ
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Bonds of Italian bank UniCredit SpA offer similar yields to higher-rated Australia and New Zealand Banking Group Ltd. debt as European Central Bank stimulus distorts the region’s covered-bond and asset-backed securities markets.
The difference in yields between similar-maturity covered bonds of the two companies has almost disappeared since the central bank began buying debt in October, according to data compiled by Bloomberg.