政府债券拍卖：未来一个月

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Update

July 31, 2026 05:36 PM GMT

Global Rates Strategy | Global

Morgan Stanley India Company Private Limited+

Vivek Jikar

Strategist

Government Bond Auctions:

The Month Ahead

Morgan Stanley & Co. LLC

Matthew Hornbach

Strategist

We review the supply, coupon, and redemption picture for the

US, UK, Euro, JPY, AUS, NZ, and CAN government bond markets

over the next month. This week, G7 net DV01 is expected to be

$45.0mn/bp, compared to an average* $58.6mn/bp; US $0.0mn/

bp; Euro $19.3mn/bp; Japan $18.2mn/bp; UK $2.8mn/bp.

The Week Ahead: Net issuance (gross issuance less coupons less redemptions)

In the euro area, we estimate €27.6bn of issuance this week vs. €5.4bn in coupons

and €16.7bn in redemptions. Over the next five weeks, we expect €112.0bn of supply

vs. €20.5bn in coupons and €62.4bn in redemptions for net issuance of €29.0bn.

In the UK, UKT 4.625% Mar 2032 will be issued for £4.25bn, with no coupons or

redemptions. We expect about £15bn of supply in the coming five weeks with

£0.04bn in coupons and no redemptions.

In the US, there will be no issuance next week, with no coupons or redemptions.

Over the next five weeks, we expect $332bn of supply vs. $97.8bn in coupons and

$299.6bn in redemptions, for net negative issuance of $65.5bn.

In Japan, a 10y JGB will be issued for ¥2,600bn and a 30y JGB for ¥600bn, with

¥22.1bn in coupons and ¥2,837.4bn in redemptions.

In Australia, ACGB 3.75% Apr 2037 will be issued for $1bn, ACGBi 2% Aug 2035 for

$0.1bn, and ACGB 1.5% Jun 2031 for $1bn, with no coupons or redemptions.

In New Zealand, we expect NZGB issuance for $0.45bn, with no coupons or

redemptions.

In Canada, CAN 2y will be issued for $5.5bn and CAN 10y for $5bn during the

coming week, with no coupons or redemptions.

Note: *Average Net DV01 (gross issuance less coupons less redemptions plus

purchases less sales) issuance over the coming five weeks and past four weeks.

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