Key points for this month:
· Net APP purchases in September amounted to €29.7bn compared with €24.8bn in August.
- Monthly purchases: €23.2bn (€22.6bn in August)
- PSPP monthly share of QE decreases to 78% vs. 91% in August.
- As of 28 September 2018, the Eurosystem had bought €2,117bn of bonds under the PSPP.
- Monthly purchase: €4.1bn (€1.5bn in August)
- CSPP monthly share of QE increases at 14% in September. The share of CSPP has increased in 2018.
- As of 31 September 2018, the Eurosystem had bought €170bn of Corporate bonds under the CSPP.
· Capital key deviation :
- Germany's capital key deviation is rising to its disadvantage. On the contrary, that of Italy decreases.
- The ECB is considering buying more longer-dated bonds.
- PSPP Redemption in September €6bn (after €0.85bn in August).
- €154bn of PSPP redemptions until September 2019 (€12.8bn per month)
- Limited reinvestment on the CSPP: €5.6bn of CSPP redemptions until September 2019 (€0.4bn per month).
October 03, 2018