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Net Asset Purchases Pull Back, PEPP Redemptions In Focus

ECB

ECB net asset purchases were the most negative in 6 weeks in the week ending Dec 15, at -E9.1bln, vs +E1.1bln the week prior.

  • The main drags were PSPP (negative -E4.8bln in net purchases) and PEPP (negative -E3.6bln, comprised of E2.7bln of gross purchases and E6.3bln in redemptions),
  • The ECB's plan adopted at the December meeting to run off E7.5bln in 2H 2024 before moving to full runoff in 2025 and beyond means roughly E50bln next year and E180bln annually beyond that (at the 2023 pace).
  • There is no publicly published account of PEPP holdings, but in 2023, monthly redemptions have averaged just under E15bln on a 4-week basis, and a little under E14bln since the inception of the programme.
  • With E1.7trn in the portfolio, that pace would take the best part of a decade to wind down PEPP holdings entirely.
ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
6-Oct-23-2.30.0-1.20.01.5-2.0
13-Oct-23-5.1-0.3-0.7-0.11.4-4.9
20-Oct-23-13.4-2.3-0.6-0.2-2.4-18.9
27-Oct-23-16.7-1.7-0.5-0.20.3-18.9
3-Nov-23-8.2-0.1-0.4-0.4-1.0-10.0
10-Nov-23-3.80.0-0.50.01.4-2.9
17-Nov-23-2.70.0-0.4-0.12.4-0.8
24-Nov-23-2.7-0.7-0.7-0.2-0.9-5.2
1-Dec-23-2.9-0.9-0.7-0.2-1.7-6.3
8-Dec-23-0.60.0-0.50.02.11.1
15-Dec-23-4.8-0.1-0.5-0.1-3.6-9.1
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