The ECB has published its fifth bi-monthly breakdown of holdings under its Pandemic Emergency Purchase Programme (PEPP), covering the period from December 2020 through January 2021. The data shows that the ECB made net purchases of €110.2bn (book value) of bonds under the PEPP, taking the total to-date to €810bn, which is 60% of the total €1,350bn of purchases targeted under the Programme. This is a slower pace than previous bi-monthly purchases, with January (€53bn) being the lowest full-monthly purchase rate since the PEPP was launched. […]