Morgan Stanley interest rate strategists indicate that the total government bond issuance from the 11 primary eurozone nations in 2026 is forecast to increase by approximately 7%, reaching €1.472 trillion, with January likely to remain the busiest issuance month by convention.
The strategists noted, "Although the front-loaded issuance patterns vary across eurozone countries, January is typically one of the months with the most concentrated supply." They anticipate this year's pattern will be largely similar, with issuance volume solely through auction channels potentially reaching between €95 billion and €105 billion.
Over the past three years, January issuance from these 11 major eurozone countries has accounted for about 13% of the annual total volume. The strategists expect that nearly all these countries will syndicate new debt this month.
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