Supportive technical situation for EA government bonds in H2 2021, but choppier times to follow

In Short

Euro area treasurers have continued the brisk issuance activity in Q2 2021. After completing more than 30% of the estimated annual sovereign bond issuance in Q1, they have issued almost 60% of the annual volume at the end of Q2.


  • Euro area treasurers have placed already almost 60% of the estimated annual sovereign bond volume in H1 2021.
  • Amid the well-advanced euro area sovereign bond issuance and the elevated pace of ECB purchases net supply will be negative during H2.
  • This will support euro area sovereign bonds going forward. However, the much less benign cash flow situation in 2022 casts its shadows ahead and confirms our expectation of rising yields.

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