Key points for this month:
· ECB net asset purchases reached nearly €23.5bn in February 2020, very close to the target of €20bn per month.
- The average maturity of bonds redeemed under the PSPP was relatively stable around 8.1 and 6.4 respectively in Spain and Germany.
- Monthly purchases: €12.3bn (€12.5bn in December)
- PSPP monthly share of QE slowed to 60% versus 81 % in December 2019.
- As of 31 January 2020, the Eurosystem had bought €2,115bn of bonds under the PSPP.
- In February 2020, PSPP net purchases reached €14.1bn. PSPP share of QE is stable at 81%
- Monthly purchase: €4.6bn (€1.8bn in December 2019)
- CSPP monthly share of QE increases at 23% in January 2020 (same level in November 2019 when QE restarted). Since the relaunch of QE, the share of CSPP has increased particulary rising to 23%.
- As of 31 January 2020, the Eurosystem had bought €189bn of Corporate bonds under the CSPP.
- In February 2020, CSPP net purchases reached €5.7bn. CSPP monthly share of QE was stable this month versus January 2020 (23%).
- PSPP Redemption in January 2020: €24.8bn (after €11bn in December 2019).
- €192bn of PSPP redemptions until January 2021 (€16bn per month).
- €16bn of CSPP redemptions until January 2021 (€1.3bn per month).
- PSPP reinvestment will average €16.5bn/month over the next 12 months, up from €13.9bn in the past 12 months
- CSPP reinvestment will average €1.4bn/month over the next 12 months