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Next At € 7 billion the Cypriot bond purchases through PEPP and PSPP HOME • INSIDER • CYPRUS • At € 7 billion the Cypriot bond purchases through PEPP and PSPP
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The total amount of Cypriot bond purchases by the European Central Bank (ECB) under the Public Asset Purchasing Program (PSPP) and the Extraordinary Pandemic Asset Purchase Program (PEPP) reached almost € 7 billion, with the latter closing net asset purchases in March.
According to the latest ECB data compiled by the CFRP, total purchases from the two ECB programs amounted to & nbsp; € 6,973 at the end of March million and corresponded to 27% of the issued debt of the Republic of Cyprus (based on the latest public data). Bond markets from secondary markets are pushing down government bond yields while keeping borrowing costs low.
For Cyprus, 90% of purchases are made by the Central Bank of Cyprus.
Speaking at an event in the presence of ECB President Christine Lagarde in Cyprus, CBC Governor Konstantinos Herodotou highlighted the broader importance of bond-buying programs, saying that at the start of PEPP, in a period of secondary market pressure, of the 10-year Cypriot bond had risen to 2.21%, while in a quarter of purchases by the Eurosystem, yields fell to 1.25%, while they had later fallen to 0.96% at the end of June.
According to the data, the net cumulative balance of Cypriot bonds through the emergency pandemic asset purchase program (PEPP), amounted to € 2,633 million at the end of March. Net purchases during the period February 22 – March 22 amounted to € 119 million, with the average weighted maturity of Cypriot bonds held in the ECB books amounting to 8.55 years.
The total net purchases of PEPP amounted to € 1.72 trillion.
For PSSP, the net cumulative balance of Cypriot bonds through the ECB's balance sheet at the end of December amounted to € 4,340 million, with net purchases in March amounting to € 65 million. The weighted average duration of Cypriot bonds was maintained at 8.77 years. Its total purchases through PSPP on April 15 amounted to € 2.55 trillion.
PEPP: Investments with open alternatives for the ECB
In its recent decisions, the Governing Council of the ECB reiterated its intention to reinvest capital from the repayment of securities acquired under PEPP during at least by the end of 2024 and added that “in any case, the future gradual roll-off of the PEPP portfolio will be regulated in order to avoid interference in the appropriate direction of monetary policy.” p>The ECB Δ Δ Δ Δ Δ Δ ισε ισε τόν Σ Σ Σ Δ πως πως πως πως πως Σ στην στην στην στην στην στην στην στην στην στην στην στην στην στην στην στην στην/p>
APP: Gradual reduction of purchases and completion of net purchases for the third quarter of 2022
For the Conventional Asset Purchase Program (APP), the ECB emphasized that net purchases under the APP would be € 40 billion per month in April, € 30 billion in May and € 20 billion in June. According to the ECB, “the inflows after its last meeting reinforce its expectation that the net asset purchases under the APP program should be completed in the third quarter”. He also noted that the formation of net markets for the third quarter will depend on the data and will reflect the ongoing assessment of the outlook by the Board.
The Board clarified that “it also intends to continue to reinvest, the amounts due from the repayment of securities acquired under the APP program at maturity for an extended period after the date on which it will start raising the ECB key interest rates and in any case for as long as is necessary to maintain favorable conditions liquidity and a largely facilitative nature of monetary policy. “