CBPP3 registered gross purchases of Eu908m last week, with the pace of secondary buying continuing a recent fall as an increase in issuance allowed for higher primary purchases.

European Central Bank figures released on Monday show the CBPP3 portfolio increased from Eu211.282bn to Eu212.188bn in the week to last Friday. Portfolio redemption figures released yesterday (Tuesday) afternoon show that no CBPP3 holdings matured last week, meaning gross purchases were the same as the net increase of Eu908m – up slightly from gross purchases of around Eu778m in the previous week.

Three CBPP3-eligible deals settled last week, totalling Eu1.75bn, of which Eu615m was allocated to central banks and official institutions. Such a share suggests that the Eurosystem’s secondary market purchases fell below the estimated average of Eu130m per day in the previous week and Eu180m-Eu210m in the week ending 10 February.