The Eurosystem started its QE in March 2015.The main episodes have been:
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Key points for this month:
· Net APP purchases purchases in December slowed at €15.4bn after a sharp €24bn resumption of purchases in November
· PSPP
- The average maturity of bonds redeemed under the PSPP was relatively stable at around 8.2 and 6.3 respectively in Spain and Germany
- Monthly purchases: €12.5bn (€14.5bn in November)
- PSPP monthly share of QE increased to 81% versus 60 % in November 2019
- Net purchases concentrated mainly in France with €5.3bn
- As of 31 December 2019, the Eurosystem had bought €2,103bn of bonds under the PSPP
· CSPP
- Monthly purchase: €1.8bn (€5.9bn in November)
- CSPP monthly share of QE decreases at 12% in December. Since the relaunch of QE, the share of CSPP has increased particularly rising to 23%
- As of 31 December 2019, the Eurosystem had bought €185bn of Corporate bonds under the CSPP
· Reinvestment:
- PSPP Redemption in December €11bn (after €11bn in November)
- €202bn of PSPP redemptions until December 2020 (€16.8bn per month)
- €16bn of CSPP redemptions until December 2020 (€1.3bn per month)
Amundi Research
December, 2019