Looking at this data showing central banks most active propping up bonds in the euro area and the comparing to what „pure play private banks“ like Julius Baer hold on their balance sheet does make you wonder about the sustainability of the ECB purchases and what effect it has on the bond market.
The data below shows what Julius Baer invests billions in. Especially debt instruments and there financial institution bonds caught my eye.
|Financial investments available-for-sale|
|Money market instruments||2’723.00||15.65%|
|Government and agency bonds||3’411.30||19.61%|
|Financial institution bonds||6’406.30||36.82%|
|of which quoted||13’532.50||77.79%|
|of which unquoted||985.50||5.66%|
|of which quoted||16.10||0.09%|
|of which unquoted||139.70||0.80%|