The ECB revealed its first quantitative easing program in September and it was focused on buying asset-backed-securities and covered bonds. Analysts were skeptical because the markets are thin and that’s proving to be wise.

The ECB reveals it has bought in total €37.2 billion euros of covered bonds and €2.27B in ABS. Covered bond purchases rose just over €4 billion last week and ABS increased by €150 million.