Markets got their first glimpse on Tuesday, June 2, of just what the European Central Bank has been so busy buying in its Pandemic Emergency Purchase Programme (PEPP), a €750 billion scheme set up by the ECB in March to help maintain monetary policy transmission in the face of the economic chaos caused by government responses to the coronavirus pandemic.
While most purchases so far are of sovereign debt, as expected, the striking finding is that most of the private sector debt that the bank bought – some 76% of the €46 billion total in that segment – was in the commercial paper (CP) market.
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