The E447.5bln in TLTRO repayments this week make a total of E743.8bln of loans repaid in the combined Nov and Dec repayment windows - cumulatively probably more toward the high end of expectations than the low end.

• Swap spreads tightened, with perhaps some optimism that high-quality collateral will be returning to market a little more quickly than expected.
• Notably, Schatz ASW dropped around 2bp, touching the lowest level since early July (73.2bp).
• Front Euribor futures are basically unchanged; not much reaction in BTP spreads either.