Euro area sovereign issuance off to a good start

As the Covid-19 pandemic is still lingering the budget situation remains tense in 2021. According to our calculations, euro area sovereign gross issuance will decrease only slightly compared to the last year (€1230 bn vs. €1265 bn). After the holiday break at the end of December, treasurers started the new year with momentum. This is a usual pattern as in the first quarter of the year up to one third of the scheduled annual issuance volume is issued.