- ECB PEPP & APP: In September, total net purchase pace was around €95bn vs €81.8bn in August.
- PEPP
- Purchases amounted to €75bn in September compared to €65bn in August, consistent with a "moderately lower" pace of purchases following the September GC meeting. This brought the total purchases under PEPP to €1,412 billion out of an envelope of €1,850 billion usable until the end of March 2022.
- The PEPP remains heavily oriented towards the public sector (around 97% of PEPP purchases).
- Detailed breakdown of PEPP for August-Sep21:
- The share of Supras in public sector purchases stayed close to 10%.
- The purchases were once again broadly in line with capital key allocations.
- The average maturity of German and Dutch debts purchased under the pepp has stabilized.
- APP
- Purchases settled € 19.7bn in September vs. €16.7bn in August, in line with the monthly target of € 20bn.
- In September, APP by programme: PSPP (€12.4bn; 63% of total), CSPP (€5.6bn; 28%), CBPP3 (€2.1bn; 11%) and ABSPP (€-0.5bn; -3%).
- The average maturity of PSPP remains stable at 7.3 years in September.
- The average maturity of Supras continued to increase since October 2020 from 7.3 to 8.2 years.
- Deviation of PSPP purchases from capital key proportions was in favour of France, Italy and Spain and against in Austria, Belgium and Supras, likely due to redemption smoothening.
- APP redemptions in September 2021 amounted to €27.7bn, including € 23.7bn in PSPP. Between October 2021 and September 2022, total APP redemptions will amount to €280bn including €209bn of PSPP redemptions.