Liquid Insight: Global government bond supply update: same same, but different

Research evidence excerpt

Liquid Insight: Global government bond supply update: same same, but different

Accessible version

Liquid Insight

Global government bond supply update:

same same, but different

Key takeaways 14 May 2026

Rates and Currencies Research• Global gross supply of government bonds to private investors to remain stable in 2026

Global relative to 2025.

• Importantly, we still project a significant reduction in net supply to private investors in

2026relative to 2025. GlobalMLI (UK)Rates & Currencies Research

• In response to rising long-term borrowing costs, most treasuries have responded by Agne Stengeryte, CFA

skewing supply towards shorter maturities. Rates Strategist MLI (UK)

+44 20 7995 3536

agne.stengeryte@bofa.com

By Agne Stengeryte, Meghan Swiber, Oliver Levingston, Meghan Swiber, CFA

Tomonobu Yamashita & Edvard Davidsson RatesBofASStrategist

Chart of the day: We continue to expect stable global gross government bond supply to +1meghan.swiber@bofa.com646 743 7020

private investors. Importantly, we still project a decrease in net supply to privates. Oliver Levingston

Gross and net bond supply to private investors across the US, EA, the UK, Japan and Australia ($bn) FX and Rates Strategist

Merrill Lynch (Hong Kong)

9000 +852 3508 4631

US EUR UK JPY AUD oliver.levingston@bofa.com

Tomonobu Yamashita

6000 Rates Strategist

BofAS Japan

4500 +81 3 6225 7950

tomonobu.yamashita@bofa.com

Edvard Davidsson

1500 Rates Strategist

MLI (UK)

0 +44 75 2142 7901

2025 2026 2025 2026 edvard.davidsson@bofa.com

See Team Page for List of Analysts

Gross supply to privates Net supply to privates

Source: Bloomberg, BofA Global Research.

BofA GLOBAL RESEARCH Liquid Insight

Stable global gross supply, lower net supply in 2026 Recent Publications