Eurozone and UK Sovereign Issuance: 22nd June - 26th June

研报英文原文证据摘录

Eurozone and UK Sovereign Issuance: 22nd June - 26th June

Deutsche Bank

Research

Europe Rates Date

19 June 2026

Eurozone and UK

Sovereign Issuance

22nd June - 26th June

Ioannis Sokos

Overview Strategist

+44-20-754-75680

Momentum continues to support EGB primary markets, with total issuance this

week reaching EUR 29.2 billion (EUR 19.6 billion in 10-year equivalent terms). Italy Gabriele Cozzi

Strategist

concluded the first issuance of the BTP Italian Si (retail bond) at EUR 8.8 billion.

+44-20-754-17714

Looking ahead, scheduled issuance for the coming week is estimated at around

EUR 23 billion, equivalent to approximately EUR 13 billion in 10-year terms. Karan Sehgal

Research Associate

Next week’s EGB supply is set to begin on Tuesday, with the Netherlands auctioning

the DSL Jan-2056 in a targeted range of EUR 1.0–2.0 billion. Germany will also be

active on the same day, auctioning the BKO Jun-2028 for EUR 5 billion. On

Wednesday, Italy is scheduled to auction a short-term BTP (€2.0–2.5 billion

expected) alongside a BTPei, with further details to be announced later today.

Germany will return to the market the same day, offering the DBR Jan-2037 and

May-2047 for a combined EUR 2.0 billion. Italy will conclude the week’s supply with

an auction of medium- and long-term BTPs as well as CCTeu, for an expected total

of EUR 8.0–9.0 billion, with the detailed announcement due next week. Accounting

for a Belgian redemption of EUR 14.9 billion, net supply for the week is expected to

remain positive.

In the UK, there will be an auction of conventional 4.125% Mar 2031 and tender sale

of conventional 0.5% Jan 2029 next week. In the following week,there will be an

auction of linker 0.125% Aug 2031 and conventional 4.625% Mar 2037. Gross gilt