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Net Asset Purchase Holdings Steadying Out Ahead Of Holidays

ECB

ECB asset purchase programme holdings were little changed last week, up a net E2.0bln.

  • The increase was largely due to increases in PEPP (E1.7bln) and PSPP (E1.5bln) net holdings, offset by declines in Covered Bonds (-E0.8bln, the biggest decline since mid-September, on E1.1bln in redemptions), CSPP, and ABS.
  • PEPP and PSPP saw redemptions of E3.1bln and E1.4bln last week, respectively.
  • In November as a whole under PEPP, Spanish net purchases fell E1.4bln, Portuguese fell E1.07bln, Italy E0.79bln; the biggest risers were Germany by E2.55bln, Netherlands E1.69bln, Greece E0.73bln.
  • Note that the Eurosystem will temporarily pause APP and PEPP reinvestment over the holidays, with the last operation on Dec 20, resuming Jan 2.
ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
14-Oct-224.50.30.10.04.89.7
21-Oct-220.40.20.5-0.2-3.2-2.4
28-Oct-22-4.20.7-0.20.3-0.1-3.6
4-Nov-22-5.40.70.1-0.1-0.1-4.8
11-Nov-222.30.30.10.00.33.1
18-Nov-221.00.30.3-0.13.24.7
25-Nov-22-2.1-0.50.10.2-3.2-5.5
2-Dec-221.5-0.8-0.2-0.11.72.0

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