EGBs: Record issuance volume in Q1, but more to come

In Short

Euro area (EA) treasuries got the year off to a flying start, issuing a record volume of government bonds in Q1. The supply was easily absorbed, meeting robust demand from domestic and foreign investors. This is particularly noteworthy given the comparatively high share of very long-dated bonds.


  • Euro area treasurers are on their way to setting a new record gross government bond issuance volume in 2024. In Q1, they issued over € 450bn in new bonds, around 35% of the scheduled annual volume.
  • At over 40%, the proportion of very long-dated bonds has been comparatively high. Nevertheless, the supply met with solid demand from foreign and domestic investors. Many issuances were oversubscribed, and the new bonds were easily absorbed.
  • The ECB’s tapering of PEPP reinvestments from July onwards will be a headwind, though. € 430bn of the € 670bn net-net issuance is yet to be placed on the market by the end of 2024.
  • The share of ESG bonds is seen to remain stable at around 5%, consistent with previous years.

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EGBs: Record issuance volume in Q1, but more to come

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