ECB frontloads covered bond purchases

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By Bill Thornhill
11 Feb 2020

In January the European Central Bank bought more covered bonds as a proportion of net asset purchases than at any time in the past five years. That should stand it in good stead for the lean months ahead when supply will fall but redemptions will be even higher.

In January €22bn of eligible covered bond supply was issued, of which the ECB bought about one third, or €7.3bn of gross purchases.

Covered bond purchase programme (CBPP3) redemptions amounted to €3.6bn in January, suggesting that the ECB bought a net €3.7bn, equating to 18% of January’s overall asset ...

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