European banks pay out

Does the new ECB's Purchase Programme result into a more volatile basis between bond credit spreads and CDS premia?

The ECB’s Partial Lifting Of Dividend Veto Leaves Pay-Out 40%-50% Below Pre-Crisis Distribution

The Supervisory Board of the European Central Bank yesterday agreed to lift the veto on banks’ dividends. However, it is urging them not to distribute more than 15% of accumulated profits in 2019-2020, nor exceed 0.20 points of the CET1 capital ratio. From both options they have to choose the lesser one. The measure will be in force until end-September 2021, when it will be reviewed to see if it can be lifted in light of the economic situation.