The CBPP3 portfolio increased €297m in the first week of November, as redemptions returned to more manageable volumes than the elevated levels of the previous week.

According to data released by the European Central Bank on Monday relating to settled and outstanding purchases under its various programmes, the CBPP3 portfolio grew €297m in the week to last Friday, from €285.889bn to €286.186bn, versus a €1.537bn decrease the previous week.

That decrease was on the back of around €2.8bn of redemptions, the highest for a week since new net purchases resumed under the programme in November 2019. Given redemptions last week were €1.8bn lower, at around €1bn, gross purchases were €1.297bn, up €34m from €1.263bn the previous week.

A €500m MünchenerHyp deal constituted the only CBPP3-eligible supply to settle last week.

“Last week the average (gross) purchase volume per trading day of €259m was almost exactly on the same level as the previous week’s figure (€253m),” said DZ Bank analyst Jörg Homey.

“With more activities in the primary market, the ECB’s purchases are also set to rise going forward,” he added.

While no CBPP3-eligible supply is due to settle this week, €1bn could settle next week following a de Volksbank €500m deal today (Wednesday) and a €500m no-grow for Bawag PSK tomorrow (Thursday).

Aggregate gross APP and PEPP purchases of €33.699bn were up €7.308bn from €26.391bn the previous week, and are the highest since the week ending 10 July.