Debt securities purchases from heavily impacted European countries in March 2020
In March 2020, Dutch investors on balance purchased debt securities worth EUR 3.3 billion from issuers resident in France, Italy and Spain (see Chart 1). This appears from preliminary DNB figures based on reports covering approximately 80% of Dutch securities holdings.
Relative to the positions as at the beginning of March 2020, the purchases amount to 1.8% of private and institutional investor debt securities portfolios and are almost evenly divided over government bonds (EUR 1.7 billion) and corporate bonds (EUR 1.6 billion). Net purchases focused on France (EUR 3.9 billion) and Italy (EUR 0.3 billion), while net sales were concentrated in Spain (EUR 0.9 billion).
Dutch investors also purchased debt securities on balance from other countries. There were no significant cross-border movements in the positions of money market and capital market paper, except for large net domestic purchases (EUR 9 billion). Corporate and government debt securities issued in the most severely impacted countries was not treated differently from debt securities issued in other countries. In January and February 2020, Dutch investors sold debt securities issued by heavily impacted European countries on balance (EUR 1.0 billion and EUR 0.1 billion, respectively) compared to net purchases from other countries.