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PEPP Net Holdings Up Most In 3 Months, APP Decline Moderates

ECB

ECB securities held for monetary policy purposes fell by just E0.8bln last week (to Nov 17th), the slowest decline since a net increase of E0.7bln in the first week of September.

  • Net APP roll off slowed to E3.2bln, the lowest pace since the week of Sep 22nd, with the PSPP portfolio seeing its smallest decline since the first week of October.
  • The 4-week rolling sum of APP decline moderated from E49.0bln a week prior to E35.7bln, the least since mid-October.
  • Since APP runoff became uncapped in July, the monthly (on a 4 week basis) average rolloff has been E26bln - around the longer-run estimated pace.
  • The PEPP net increase of E2.4bln was the biggest increase since early August, comprised of E3.7bln of gross purchases offset by E1.3bln of redemptions.
  • ECB's/France's Villeroy this morning noted that ECB PEPP reinvestments could end earlier than December 2024 and still be consistent with the overall monetary stance; from the more hawkish end of the spectrum, Belgium's Wunsch said last week that "there is no reason anymore for us to keep reinvesting, so we should stop that as soon as possible".

ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
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
29-Sep-23-4.4-0.6-0.5-0.6-3.2-9.4
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
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