CBPP3 registered a fall in buying last week, as the programme portfolio increased Eu787m in a week in which no holdings matured, with eligible issuance low and secondary market settlements down from the previous week’s high.

European Central Bank figures released on Tuesday afternoon show the CBPP3 portfolio increased from Eu214.730bn to Eu215.517bn in the week to last Friday. Portfolio redemption figures released yesterday (Wednesday) afternoon show that no CBPP3 holdings matured last week.

Gross purchases were therefore down on the Eu1.184bn recorded in the previous week.

Two Eu250m taps – for WL Bank and Deutsche Bank – were the only CBPP3-eligible benchmark supply to settle last week. Distribution statistics were not disclosed for either trade, meaning that it is not possible to calculate the shares of primary and secondary market purchases in last week’s settlements.

In the previous week, secondary market purchases averaged around Eu225m per day according to analysts’ estimates – up sharply from secondary settlements in previous weeks. Last week’s lower overall CBPP3 purchases imply that the pace of secondary market purchases fell from the high recorded in the previous week.

This week’s figures were released a day late due to public holidays on Friday and Monday. These are also expected to have constrained Eurosystem buying in the period that will be reflected in the ECB’s next weekly figures.