Key points for this month:
· Net APP purchases in October slowed down to €15bn compared with €29.7bn in September.
- The average maturity of bonds redeemed under the PSPP has more than doubled in France, Spain and Germany.
- Monthly purchases: €9.9bn (€23.2bn in September)
- PSPP monthly share of QE decreases to 66% vs. 78% in September.
- As of 2 November 2018, the Eurosystem had bought €2,128bn of bonds under the PSPP.
- Monthly purchase: €3.5bn (€4.1bn in September)
- CSPP monthly share of QE decreases at 23% in October. The share of CSPP has increased in 2018.
- As of 2 November 2018, the Eurosystem had bought €174bn of Corporate bonds under the CSPP.
Capital key deviation: Spain’s capital key deviation collapses. On the contrary, that of Germany continues to increase.
- The ECB is considering buying more longer-dated bonds.
- PSPP Redemption in September €21.12bn (after €6bn in September).
- €162bn of PSPP redemptions until October 2019 (€13.6bn per month).
- Limited reinvestment on the CSPP: €5.9bn of CSPP redemptions until October 2019 (€0.5bn per month).
November 12, 2018