- ECB PEPP & APP: In November, total net purchase pace was around €89.3bn vs €91bn in October.
- PEPP
- Purchases amounted to €68bn in November, in line with October and consistent with a moderately lower pace of purchases relative to Q2 and Q3 2021. This brought the total purchases under PEPP to €1,547bn out of an envelope of €1,850bn usable until the end of March 2022.
- The PEPP remains heavily oriented towards the public sector (around 97% of PEPP purchases).
- The ECB also published the bi-monthly detailed split for PEPP for Oct-Nov21 at this release:
- The bimonthly public sector total for October-November stood at €132.5bn, broadly in line with August-September levels
- The share of supras increased to 10.9% in October-November, the highest bimonthly level since the start of the programme
- At the country level, purchases were once again broadly in line with capital key allocations.
- APP
- Purchases settled €21.2bn in November vs. €23.2bn in October, still slightly above with the monthly target of € 20bn.
- In November, APP by programme: PSPP (€14.8bn; 69.7% of total), CSPP (€5.1bn; 24.3%), CBPP3 (€0.01bn; -0.06%) and ABSPP (€1.3bn; 6.1%).
- This was the third month in a row that the share of public sector securities has fallen below 70% of the APP.
- The average maturity of PSPP remained stable at 7.3 years in November. The average maturity of Supras increased since October 2020 from 7.3 to 8.2 years.
- Deviation of PSPP purchases from capital key proportions was in favour of Germany (with €8.8bn, which represents more than half of PSPP net purchases ex-supras), France and Netherlands and against in Italy and Spain, likely due to redemption smoothening.
- At an aggregate level, Germany continued to constitute the largest share of the PSPP portfolio, followed by France and Italy.
- APP redemptions in November 2021 amounted to €19.8bn, including €13.8bn in PSPP. Between December 2021 and November 2022, total APP redemptions will amount to €291bn including €225bn of PSPP redemptions.