ECB QE Monitor - April 2021

Friday 09 April 2021

Research / Market

  • ECB PEPP & APP: pace of purchases is accelerating
    • In March, total net purchase pace was €96.8bn vs. €81bn in February and €71bn in January, a clear uptick, which is really in line with our forecasts of €90-100bn/month.
    • PEPP: pace of monthly buying picked to €73.5bn in March from €53bn in February. As the path increased just in the weeks following the ECB meeting, March is likely to position itself between Jan-Feb lower levels (on average monthly EUR 55bn) and April-June monthly flows expected to be in EUR 80-90bn higher range.
    • APP: the ECB settled €23.3bn in March vs. €21bn in February, above the target pace of €20bn/month.

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