Eurozone and UK Sovereign Issuance: 18th May - 22nd May

Research evidence excerpt

Eurozone and UK Sovereign Issuance: 18th May - 22nd May

Deutsche Bank

Research

Europe Rates Date

15 May 2026

Eurozone and UK

Sovereign Issuance

18th May - 22nd May

Ioannis Sokos

Overview Strategist

+44-20-754-75680

Belgium conducted its third syndication of the year, introducing a new BGB Aug-31

bond that raised EUR 8 billion. Ireland also returned to the market for its second Gabriele Cozzi

Strategist

syndication, tapping the existing IRISH Oct-43 bond for EUR 2 billion. These actions

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contributed to a total weekly issuance of EUR 32 billion (EUR 19.2 billion in 10-year

equivalent terms). Projections for next week indicate scheduled issuance of EUR Karan Sehgal

33.9 billion (EUR 19.3 billion in 10-year equivalent terms, though the final number Research Associate

can always change due to syndications (for our syndications expectations, see our

analysis on EGBs syndications in Q2).

Next week's EGB supply kicks off on Monday, with Slovakia offering SLOVGB Nov-

31, Jun-33, Nov-37, and Oct-47 for an expected EUR 600 million. Tuesday will see

Germany issue OBL Apr-31 for EUR 5 billion and Finland auction RFGB Apr-30 and

Apr-41 for EUR 1.5 billion. On Wednesday, Germany will conduct its second auction

of the week, offering DBR Feb-36 for EUR 5 billion. Thursday's supply includes

Spain auctioning SPGB May-31, Jan-33, and Oct-50 for an anticipated EUR 5.5-6.0

billion. The week concludes with France auctioning OAT Sep-29, Feb-30, Feb-32,

and Nov-33 for EUR 12-14 billion, alongside OATei Jul-34, Mar-36, Jul-36, and Jul-

47 for EUR 1.3-1.8 billion. Given Italian and Slovakian redemptions of EUR 7 billion

and EUR 1.5 billion respectively, net supply is expected to be positive.

In the UK, there will be an auction of linker 0.125% Aug 2031 and conventional gilt