LBBW senior fixed-income analyst Elmar Voelker expects euro-area Q3 gross
government bond issuance to fall about 20% QoQ to €323bn. He says net issuance
(gross minus redemptions) is likely to rise about 5% to just under €110bn. The
projection assumes debt management offices will follow the usual seasonal
pattern of slower bond supply in summer months. Over the past four years, gross
issuance has declined 18–23% from Q2 to Q3. Euro-area annual bond financing
The completion rate has reached 60%.
