ECB PEPP & APP: In October, total net purchase pace was around €91bn vs €95bn in September.
- Purchases amounted to €67.8bn in October, a slight decline relative to the €75bn bought in September and consistent with a moderately lower pace of purchases relative to Q2 and Q3 2021. This brought the total purchases under PEPP to €1,467bn 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).
- No granular details for PEPP were available at this release as the ECB will only publish details of PEPP on a bimonthly basis and the next one will be in early December.
- Purchases settled €23.2bn in October vs. €19.7bn in September, above with the monthly target of € 20bn.
- In October, APP by programme: PSPP (€15bn; 64.9% of total), CSPP (€5.5bn; 23.6%), CBPP3 (€1.01bn; 4.35%) and ABSPP (€1.7bn; 7.2%).
- The average share of public sector purchases over the past six months is below 70% of the aggregate purchases at 68%. o The average maturity of PSPP remains stable at 7.3 years in October.
- The average maturity of Supras has increased since October 2020 from 7.3 to 8.2 years, but in October it remained stable compared to September.
- Deviation of PSPP purchases from capital key proportions was in favour of Supras, Spain and Italy and against in France, likely due to redemption smoothening.
- APP redemptions in October 2021 amounted to €23.7bn, including €19.2bn in PSPP. Between November 2021 and October 2022, total APP redemptions will amount to €292bn including €224bn of PSPP redemptions.