He did it
If you're a bond trader in a European investment bank, the European Central Bank (ECB) is not your friend. Far from it: if you're a bond trader in a European investment bank, the ECB has just made a bad situation worse.
The banking team at Bernstein Research has just issued a note explaining why this is. We've transposed their charts onto the page below. It comes down to the fact that the ECB is sucking up already thin liquidity in the European corporate bond market, and European banks' traders are most exposed as a result.
Photo credit:20160310_Press_Conference_ECB0733 by EuropeanCentralBank is licensed under CC BY 2.0.