Seems that the major elements of ECB's bond buying plan are:...

Seems that the major elements of ECB's bond buying plan are: unlimited, no seniority (all good) but sterilised (not QE).

However, Spain, Italy (etc) still need to ask for assistance (conditionality) and commit to reforms.

If plan is executed correctly it may lead to less appeal in AAA rated gov. bonds (including Aussie bonds) because ECB is underwriting Italy and Spain.

More details tonight...