Secondary market CBPP3 purchases in the most recent weekly reporting period hit their highest daily average amount in almost a year, according to analysts’ estimates, in spite of the Easter break, although overall buying increased only moderately, given two public holidays and no primary settlements.

European Central Bank figures released on Monday afternoon show the CBPP3 portfolio increased Eu597m, from Eu215.517bn to Eu216.114bn, in the week to last Friday. Portfolio redemption figures released yesterday (Tuesday) afternoon show that around Eu300m of CBPP3 holdings matured last week, implying that gross purchases were around Eu897m – a moderate increase from Eu787m in the previous week.

Due to public holidays and with secondary market purchases taking two days to settle, the purchases registered last week relate to just three days of buying. No CBPP3-eligible benchmark issuance settled last week, implying that secondary market purchases averaged around Eu300m per day.

According to estimates from analysts at Crédit Agricole, these are the highest average gross secondary purchases since the week ending 6 May 2016.

ECB president Mario Draghi is expected to maintain the central bank’s current stance regarding the sequencing of its exit from extraordinary measures when he speaks tomorrow (Thursday) after a meeting of the governing council.

Some market participants had interpreted comments made by Draghi at the press conference after the last meeting as hinting at a change to the central bank’s forward guidance, but – although the result of the first round of the French elections on Sunday has widely been deemed positive for the European economy – the ECB is expected to maintain that rates will not be changed until after the end of its QE programme.