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PEPP Fall Underpins Net Asset Purchase Slowdown

ECB

ECB net purchases fell to the lowest since mid-April in the week to Jun 3, with PEPP net purchases turning negative (E2.2bln vs +E1.9bln the prior week) as redemptions reached E6.1bln.

  • Net PEPP purchases turned negative on a 4-week rolling basis for the first time.
  • PSPP net buys rebounded to E3.6bln from E0.2bln a week prior, while ABS net buys returned to positive territory after a contraction last week. Covered bond and CSPP net buys edged higher.
ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
29-Apr-223.2-0.32.0-0.4-0.73.8
6-May-223.81.01.00.02.88.6
13-May-229.70.01.10.11.812.8
20-May-228.81.21.70.1-2.98.8
27-May-220.20.81.3-1.01.93.2
3-Jun-223.60.30.30.1-2.22.0

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