Update: Bank's APF buys no CP

The Bank of England’s Asset Purchase Facility bought no commercial paper this week, the first time since the facility was launched on February 13 that no issuers or investors have sold paper to the fund. The total held by the fund, though, fell from £2.36bn to £2.14bn. The facility only buys three month paper, so the fall in the total must be because of secondary market purchases maturing. The facility bought £125m of CP in the week closing April 23. Use of the fund had been falling in late March and early April — it bought £76m in the last week of March, £50m in the first week of April and just £15m in the second week of April. But over the week ending 16 April, the APF bought £345m.