ECB Report on Covered Bond Purchases - February 2010

"From 1 February to 26 February 2010, the Eurosystem purchased eligible covered bonds with a total nominal value of €5,153 million under its covered bond purchase programme (CBPP).  Of this total, €1,268 million was accounted for by purchases in the primary market and the remaining €3,885 million by purchases in the secondary market.  The total nominal value of all covered bonds purchased by the Eurosystem since the programme was first started stood at €38,976 million on 26 February 2010."

That is the first paragraph of the European Central Bank's (ECB's) monthly report for February 2010 on the progress of its €60 billion covered bond purchase program (released March 4).  The report also notes that recent covered bonds from France and Germany "have performed rather strongly in the secondary market," with most "now trading at lower spreads than at issuance."

To download a PDF of the ECB's complete January report (one page, plus a page of definitions), click on "Feb 2010 ECB Rpt" under "Attachment," below.