Gross CBPP3 purchases remained around their recent average of a little over €1bn last week, despite the eligible primary settlements hitting their highest level since January. Gross PEPP purchases were the highest in five weeks, although gross aggregate Eurosystem purchases remained steady.

According to data released by the European Central Bank relating to settled and outstanding purchases under its various programmes on Monday, the CBPP3 portfolio grew €748m in the week to last Friday, versus a €560m decrease the previous week. That contraction in the portfolio was on the back of €1.5bn of redemptions, whereas these were €500m last week.

Gross purchases of €1.248bn were up €308m from €940m the previous week and above an average of around €1bn over the past two months.

Maureen Schuller, head of financials research, ING, nevertheless said the CBPP3 purchases were modest considering the high volume of primary settlements – at €4bn, these were the highest since January – although noted that the new issues may have been bought under PEPP.

“To us,” she said, “it seems the CBPP3 strives to maintain its gross weekly purchases roughly stable around the €1bn mark, irrespective of primary activity or redemptions to be reinvested.”

PEPP grew €30.012bn last week, versus €28.242bn the previous week, with gross purchases coming in at €30.212bn, the highest in five weeks. Weekly gross and net purchases under PEPP have risen progressively in each of the past four weeks.

Gross APP purchases were €10.959bn, down from €12.548bn the previous week, and the lowest in a month. Aggregate Eurosystem gross purchases across the two programmes totalled €41.171bn, down just €225m from €41.396bn the previous week and consistent with the previous three weeks, which have all seen gross purchases of between €41bn and €42bn.

Last week’s net APP increase of €9.459bn is up €5.331bn from €4.148bn the previous week, with redemptions of around €3.1bn down significantly from €8.4bn.