May 11, 2020 / 2:44 PM / 16 days ago

UPDATE 1-ECB sets new bond-buying record but yields rise

 (Adds detail)
    FRANKFURT, May 11 (Reuters) - The European Central Bank bought a record 44 billion euros
($47.64 billion) worth of bonds across its stimulus programmes last week, but still failed to
rein in borrowing costs for Italy and other indebted countries, ECB data showed on Monday. 
    The ECB plans to buy at least 1.1 trillion euros of bonds this year to help euro zone
governments, companies and households navigate the coronavirus pandemic and lockdown measures
that are pummelling economic activity.
    But its unprecedented efforts have failed to pay off so far.
    Despite the biggest weekly purchases on record, including at least 7.1 billion euros of
public sector debt, yields on Greek, Italian, Portuguese and Spanish benchmark bonds all rose
last week.
    This showed private investors were dumping that paper despite the ECB's pledge to keep
buying it for as long as needed and to fight any sign of "fragmentation" -- code for surging
risk premiums for more indebted countries.
    The ECB has yet to publish an asset breakdown of its Pandemic Emergency Purchase Programme
(PEPP), which currently accounts for most of its purchases.

Reference Date     PSPP       ABS    Covered bonds        CSPP        PEPP       Total
May 8             7.114     0.018            1.024       2.575      34.097      44.828
May 1            -0.738    -0.267           -0.231      -0.062      22.092      20.794
Apr 24            9.113    -0.386           -0.010       0.770      26.045      35.532
Apr 17           -2.155    -0.194            1.515       1.381      19.966      20.513
Apr 13           13.396     0.092            1.189       1.573      20.555      36.805
Apr 3             1.070     0.561            0.392       1.955      30.153      34.131
Mar 27           19.983     0.657            1.700       1.285           0      23.625
Mar 20           13.029     0.972            1.301       2.079                  17.381
Mar 13            1.561     0.902            0.948       1.877                   5.288

($1 = 0.9235 euros)

 (Reporting by Francesco Canepa; Editing by Catherine Evans)
  
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