The ECB Bets On Buying Private Debt
The ECB purchased €20.3bn of QE assets over Jan. Only 61% of the purchases were done in public sector bonds, much lower than the 80% average over 2016-18. This confirms the view of BoA Global Research that QE will now be more focused on corporates & covereds. The country breakdown of monthly PSPP is much more volatile now. In CSPP there are interesting secondary and sectorial flows.