Key points for this month:
- Net APP purchases in March: €30.9bn
- PSPP monthly share of QE hit a new low. The PSPP has been cut more in 2018 than the CSPP.
- ECB’s guidance: the private sector programme would remain sizable
- Increase in Eur non-financial issuance in March
- PSPP redemptions were lower in March than in February (€3.9bn vs. €6.3bn)
- Capital key deviation.
- Spain recorded the highest capital key deviation in its favour since the beginning of the PSPP.
- Redemptions coming in April:
- PSPP redemptions are estimated at €22.6bn (a record in 2018).
- CSPP redemptions remains very limited
April 11, 2018