Drop in Maturity of ECB's Bond Purchases Spurs Bond Rally: Chart

The monthly average maturity of German bonds purchased under the European Central Bank’s quantitative-easing program tumbled in February, spurring the biggest rally in the nation’s two-year notes since 2013. The drop in maturity from a record high in December follows relaxed restrictions that allow the monetary authority to buy securities with yields lower than the deposit rate. Separate data released on Monday showed the central bank bought an additional two-year bond last week, which may herald further declines in the average maturity of its purchases.

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