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Securities Holdings Ticked Higher  Last Week Amid Zero Redemptions

ECB

For the first time since ECB asset purchases ramped up in the pandemic, last week saw no change to APP holdings, with all categories flat vs the prior week.

  • PEPP holdings rose by E2.4bln, with the overall total change in securities held for monetary purposes brought down to E2.3bln by a small net decline in PSPP holdings (potentially due to sales conducted for risk management purposes).
  • The E12.2bln drop in APP holdings the previous week however puts the overall drop roughly in line through the first 2 weeks of the month to meet the expected overall monthly pace of uncapped APP runoff of E25bln.
  • The total portfolio is now $138B below last year's peak, at E4.82T (vs E4.96T peak)
ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
2-Jun-232.1-0.3-0.6-0.10.61.8
9-Jun-23-0.2-1.2-0.80.11.1-0.9
16-Jun-23-8.1-0.6-0.5-0.1-3.1-12.4
23-Jun-23-1.70.10.1-0.30.3-1.6
30-Jun-23-3.2-0.8-0.6-0.1-2.7-7.3
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
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