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 completion rate has reached 60%.