QE figures for January showed for the first time also a deviation from the capital key in Finland, where purchases slowed to EUR780m in January vs EUR1.22bn in November. Purchases in Portugal and Ireland also slowed further to EUR690m and EUR550m vs EUR1.21bn and EUR980m, respectively, in November. Purchases are reduced due to the issue/issuer limit. We are comparing the January figures with November, as the QE purchases were slowed down in December.
In Germany, monthly average maturity decreased to 9.4 years in January vs 12.1 years in December. This is a consequence of the altered rules that allow QE 'buying below depo'. However, as the new regime was not in place before mid-month, the new German 'purchase pattern' is set to be substantially shorter in the February figures.
QE purchases increased to EUR85bn in January following the slowdown to EUR60bn in December. Monthly net purchases amounted to EUR71.4bn in the Public Sector Purchase Programme (PSPP), EUR8.4bn in the Corporate Sector Purchase Programme (CSPP) and EUR4.7bn in the Covered Bond Purchase Programme (CBPP3), while the Asset-backed Securities Purchase Programme (ABSPP) increased by EUR520m.
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