Fixed Income · 2026 Euro Area Government Issuance

中文标题

固定收益 · 欧元区政府债券发行

Intesa Sanpaolo09/04/2026updated 10/17/2026

Citable research brief

Core conclusion · Tlines extraction

Intesa Sanpaolo forecasts total 2026 euro area government gross issuance of EUR 1,493bn, up from EUR 1,330bn in 2025, with net issuance of EUR 576bn and EUR 693bn including EFSF/ESM/EU. The largest issuers are Germany (EUR 354bn), Italy (EUR 359.5bn), France (EUR 363bn), and Spain (EUR 173bn). 10-year maturities dominate the curve at EUR 409bn, while 5-7 year and 2-3 year buckets also see significant supply. Green bond issuance is projected at EUR 68bn across the region.

Institution: Intesa Sanpaolo
Published: 09/04/2026
Research topic: Not explicitly stated
Time horizon: Not explicitly stated

Key arguments

Total 2026 EGB gross issuance is forecast at EUR 1,493bn, up from EUR 1,330bn in 2025.
Net issuance is projected at EUR 576bn (EUR 693bn including EFSF/ESM/EU).
France leads gross issuance at EUR 363bn, followed by Italy (EUR 359.5bn) and Germany (EUR 354bn).
The 10-year bucket is the largest maturity segment at EUR 409bn.
Green bond issuance across the euro area is forecast at EUR 68bn.

Key numbers

2026 Gross Issuance: 1493
2026 Net Issuance: 576
2026 Net incl EFSF/ESM/EU: 693
France Gross: 363
Italy Gross: 359.5
Germany Gross: 354
Green Bonds: 68

Main risks

Higher-than-expected supply could pressure long-end yields, especially in 10-year and 30-year segments.
Redemption spike in March and April could lead to temporary market volatility.
Green bond issuance may fall short if project pipelines are delayed.
Fiscal changes or macroeconomic shocks could alter issuance plans.

Corresponding source evidence

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