In terms of outstanding amounts, the euro-denominated bond market is still significantly smaller than that denominated in US dollars. But in terms of new issuance, both markets are on a par. One reason for that is the sharp rise in the new issuance of corporate bonds. Here again, diversification within the euro area has increased.
Moreover, the Bank’s commitment to continue with QQE as long as it is necessary for maintaining the 2 percent  4  BIS central bankers’ speeches  price stability target in a stable manner is also likely to enhance the downward pressure.