MARKET TALK: More 3-Yr LTROs Coming -Commerzbank

More 3-Year LTROs will follow the one scheduled for next week, says Commerzbank, noting that the ECB continues to react to uncertainties stemming from the sovereign debt crisis. "This backward-looking manner of reacting is likely to see risk premiums fluctuate in a broad sideways channel," says Commerzbank. Strains in peripheral bond markets have eased since the first LTRO in December and the second LTRO is scheduled for next week. With the ECB having already succeeded in pulling down yields, Commerzbank says investors should now position for a rise in peripheral yields.