Posted by Draghi announced SMP2 at today’s ECB presser. Find the details here.
The deal is conditional (‘strict and effective conditionality’), focused on the 1yr to 3yr part of the curve, and unlimited in size. The ECB is NOT going to be super-senior; and (not that it matters) they are going to fully sterilise the transactions.
risk on? maybe for a while …
ricardian ambivalence 
Ricardo
How will the ECB sterilise its purchases?
Selling one week bills, is the story. Given negative short end govt yields and the zero depo rate i would guess that 1w ECB bills will yield about 5bps.
Not that it makes any difference – 1w or 1d ECB liabilities are about the same thing. Any cash desk could convert 1w paper into cash in a second via sale or repo.