The European Central Bank may push the Spanish two-year note yield to as low as 2 percent through its bond-purchase program, said Steven Major, head of fixed- income research at HSBC Holdings Plc in London.

“Two percent would be reasonable for a two-year Spanish bond if the ECB decides it should go there,” he said in an interview on Bloomberg Television’s “The Pulse” with Maryam Nemazee. “It’s all about getting those front-end yields stapled to the floor.”

The threat of ECB intervention in the bond market is “serious,” he said.

Spain’s two-year note yield dropped 16 basis points to 3.83 percent at 9:27 a.m. London time.

To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net

To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net