CBPP3 holdings rose Eu1.096bn in the week to last Friday, as the European Central Bank maintained gross purchases around the average of some Eu1.050bn per week it has tended towards since lowering its monthly asset purchase programme (APP) target to Eu60bn at the beginning of April.

Settled and outstanding CBPP3 purchases increased from Eu221.672bn to Eu222.768bn in the week to last Friday, according to figures released on Monday. No CBPP3 holdings redeemed in the latest reporting period.

Two eligible benchmarks settled last week: a Eu1bn 10 year for Instesa Sanpaolo and a Eu500m long six year for Berlin Hyp. Analysts estimated CBPP3 accounted for Eu590m-Eu650m of these, implying secondary purchases of some Eu90m-Eu100m of per day – less than last week, but at the higher end of the range of the past two months.