For example, 10- and 20-year government debt yields declined overnight by 14 and 19 basis points, respectively, in the case of France, and by 17 and 32 basis points in the case of Spain. 4 Note that a relatively more pronounced effect on longer-term government yields suggests that the duration channel is at work.
Similarly, corporate bond yields (7–10 year maturity) declined by 10 basis points in case of AA-rated bonds and by 13 basis points in case of BBB-rated bonds, showing that the lower risk-free rate and the portfolio rebalancing effect were already at play. 5 2. Design and implementation  Let me now turn to the implementation of the PSPP. What is the Eurosystem buying?