UPDATE: BoE’s CP fund has slowest week to date

The volume of commercial paper sold the Bank of England’s Asset Purchase facility fell dramatically this week to its lowest weekly total to date, according to figures released on Friday by the Bank. For the week to March 26, the fund bought £76m of three month corporate CP, down from £345m last week. In previous weeks since its inception on 13 February, the facility has bought £345m, £480m, £164m, £561m, and £345m respectively. The decreased use of the facility had been apparent. Some dealers believe that use of the facility may yet increase substantially depending on what new issuers achieve eligibility.