"It’s part of a few “technical” changes to the European Central Bank’s rules for accepting European bank assets as collateral. They were quietly slipped out late in September. December’s moves to massively expand the list of collateral (to avert a collapse of secured interbank lending — effectively by substituting the ECB) grabbed all the limelight. Even so, we said the ECB’s decision in September to accept unlisted bank bonds — i.e., bonds that the banks could have issued purely to themselves solely in order to pledge them as collateral for central bank funding — was “potentially very significant”.
"But as James also found out — many of the bonds are not listed on public markets. They carry no prospectus, etc. "
Unklar bleibt allerdings, welches Euro-Nominalvolumen der Anleihenbestand hat, da FT Alphaville nur von Stückzahlen spricht.
In Pariser Finanzkreisen reibt man sich vermutlich die Hände und freut sich über den neuentdeckten Bestand an "MR2"-Bonds (gesprochen: M R Döh) ...