Asset Purchase Facility Quarterly Report - 2012 Q4

In the interests of openness and transparency, we publish a quarterly report on the transactions carried out as part of the Asset Purchase Facility. The reports are published shortly after the end of each quarter.
Published on 28 January 2013

During 2012 Q4:

  • As of 27 December 2012 cumulative assets purchased net of sales and redemptions totalled £375 billion.
  • On 5 July 2012, the MPC decided to increase the scale of the programme of asset purchases by £50 billion from £325 billion to £375 billion. These purchases were completed on 31 October 2012.
  • The MPC voted to maintain the stock of asset purchases at £375 billion on 8 November and 6 December 2012.
  • Nominal gilt yields were little changed over 2012 Q4, with the yield curve flattening slightly and yields on average around 11 basis points higher than at the end of 2012 Q3.
  • A significant amount of the gilts purchased via the APF continue to be made available for on-lending to the market through the gilt lending arrangement with the DMO.
  • The average daily aggregate value of gilts lent by the APF to the DMO during the three months to 31 December 2012 was £0.3 billion, compared to £0.2 billion lent on average during the previous quarter. 
  • Sterling investment grade non-financial corporate bond spreads narrowed over the period, which contacts attributed to continued strong end-investor demand for corporate debt.
  • Gross issuance of corporate bonds over the quarter remained strong, with issuance far surpassing that in 2011 Q4 and being significantly greater than the pre-crisis quarterly average. 

PDF Asset Purchase Facility Quarterly Report – 2012 Q4

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