ECB PEPP & APP: All the numbers

ECB purchase details: APP outstanding declined by €19bn and PEPP outstanding declined by €7bn due to QT in September 2026. QT: full discontinuation of APP reinvestment from Jul23 and PEPP reinvestments from Jan25; QT pace in 2027 will be slower than 2026, at around €37bn/m. PSPP/PEPP by jurisdiction: outstanding declined in jurisdictions that had redemptions, in line with purely passive roll-off QT strategy. PEPP & PSPP average maturity: average maturity of outstanding stock was 6.8 years for PSPP and 7.0 years for PEPP public sector purchases in September. ECB QE and supply: Euro area sovereigns have covered ~85% of 2026 bond issuance targets; based on our forecasts. Investor demand: Euro area MFI's remained modest net sellers of domestic but turned modest net buyers of non-domestic government bonds in August; net inflows into Euro area bond investment funds in 2Q26;