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Net Asset Reduction Slows Sharply, But APP On Expected Overall Pace

ECB

ECB net asset purchases came in at net negative E4bln last week, vs negative E17bln the prior week.

  • Net APP purchases were negative E3.1bln (vs negative E14.9bln prior). PSPP net asset purchases dropped sharply from E11.8bln to E0.7bln, with Covered Bond purchases at net negative E0.3bln vs E2.0bln the prior week. CSPP was negative E1.6bln, up from E0.9bln prior.
  • PEPP posted a net negative figure for the 2nd consecutive week at -E1.0bln (-E2.2bln prior), with E2.0bln of purchases offset by E3.0bln in redemptions.
  • The 4-week running total of APP runoff is E19.5bln, and is averaging E23bln since uncapped runoff began in July - right around the estimates of E25bln per month over the longer run.


ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
7-Jul-23-0.50.0-0.60.02.41.3
14-Jul-23-1.1-0.4-1.70.03.70.4
21-Jul-23-13.90.0-0.4-0.3-4.1-18.8
28-Jul-23-4.6-0.5-0.5-0.11.3-4.4
4-Aug-23-11.9-0.20.0-0.1-2.8-15.0
11-Aug-230.00.00.00.02.42.3
18-Aug-23-10.40.0-0.6-0.1-4.8-16.0
25-Aug-23-0.40.0-0.4-0.20.5-0.5
1-Sep-23-0.10.0-0.1-0.11.51.3
8-Sep-23-0.3-0.5-0.40.02.00.7
15-Sep-23-11.8-2.0-0.9-0.1-2.2-17.0
22-Sep-23-0.7-0.3-1.6-0.4-1.0-4.0
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