CBPP3 buying registered a fall in pace last week upon a lack of eligible issuance, although analysts noted that secondary market purchases increased more into line with levels seen through the summer holiday period.

ECB figures released on Monday show that settled and outstanding purchases under the third covered bond purchase programme increased Eu794m, from Eu190.735bn to Eu191.529bn in the week to last Friday. Portfolio redemption figures released on Tuesday afternoon show that Eu100m of CBPP3-holdings matured last week, implying gross purchases of Eu894m.

The latest week’s figure compares with gross purchases of Eu1.526bn in the previous reporting period, when no CBPP3-holdings matured.

With no CBPP3-eligible issuance settling last week, secondary market purchases averaged Eu158.8m per day.

Analysts noted this was a substantial increase from estimated average secondary buying of Eu112m-Eu132m per day in the previous reporting period – when the focus was on primary market buying with Eu2.75bn of eligible issuance having settled that week – but more in line with secondary purchases in the previous weeks when the euro market was closed.

Some Eu3.25bn of CBPP3-eligible issuance settles this week, and analysts said the ECB will therefore probably announce higher settlements once again next Monday.