意大利联合圣保罗银行 · 2026/08/28

固定收益 · 2026 欧元区政府债券发行

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2026 欧元区政府债券发行固定收益请仔细阅读本出版物末尾的重要披露。月度发行量（十亿欧元）一月二月三月四月五月六月七月八月九月十月十一月十二月总计总发行量 186 140 135 140 128 149 128 83 144 123 96 42 1494 2-3 年 34 23 22 19 22 24 18 18 15 22 17 6 240 5-7 年 38 30 49 41 45 40 43 24 45 43 28 12 437 10 年 66 31 34 52 23 40 36 23 44 27 23 13 412 15-20 年 36 26 14 11 16 13 11 6 21 16 12 4 184 30 年 6 24 8 5 8 12 6 7 7 8 7 4 100 50 年 1 0 0 0 0 0 0 0 0 0 0 0 2 通胀挂钩债券 5 4 3 5 6 13 6 2 9 4 5 2 62 浮动利率债券 0 2 3 4 5 4 2 2 2 4 3 2 32 欧元债券 0 1 3 3 3 3 7 1 3 0 2 0 25 赎回 63 94 74 151 90 54 77 62 83 82 49 39 917 净发行量 123 46 61 -10 38 95 51 21 61 42 47 3 577 含EFSF、ESM、EU的净发行量 144 71 62 5 50 114 44 25 70 36 59 14 694 利率、外汇与大宗商品研究意大利联合圣保罗银行 - 研究部 Chiara Manenti 利率、外汇与大宗商品研究主管每周简报 28 八月 2026 11:37 首次发布时间 202 6 季度发行量（十亿欧元） 2 02 5 季度发行量（十亿欧元）第一季度 1 第二季度 2 第三季度 3 第四季度 4 总计总发行量 461 417 354 261 1494 2-3 年 79 66 50 45 240 5-7 年 117 126 112 82 437 10 年 130 115 103 64 412 15-20 年 76 41 37 31 184 30 年 37 25 19 19 100 50 年 2 0 0 0 2 通胀挂钩债券 12 24 17 11 62 浮动利率债券 5 12 6 9 32 欧元债券 5 9 10 2 25 赎回 230 295 222 170 917 净发行量 231 123 132 91 577 EFSF/ESM/EU 总发行量 64 51 38 43 196 含EFSF、ESM、EU的净发行量 276 169 139 109 694 绿色债券 22 19 20 7 68 第一季度 1 第二季度 2 第三季度 3 第四季度 4 总计总发行量 443 362 287 238 1330 2-3 年 71 64 60 46 241 5-7 年 117 101 74 70 362 10 年 126 95 83 70 375 15 年 55 36 18 15 125 30 年 50 35 26 19 130 50 年 0 4 2 1 8 通胀挂钩债券 17 18 18 11 64 浮动利率债券 5 7 5 7 24 欧元债券 0 2 0 0 2 赎回 236 220 174 213 843 净发行量 206 142 113 25 486 EFSF/ESM/EU 总发行量 48 42 42 43 175 含EFSF、ESM、EU的净发行量 247 170 155 49 620 绿色债券 26 24 13 9 73 按期限划分的总发行量（十亿欧元）按发行主体划分的总发行量（十亿欧元）资料来源：彭博、意大利联合圣保罗银行 2-3年 5 年 10 年 15 年 30 年 >50 年通胀挂钩浮动利率欧元市场 2025 法国 230 403 394 132 110 4 62 30 12 2026 法国 238 421 405 183 102 2 67 33 21 0 100 200 300 400 500 德国法国意大利西班牙荷兰比利时奥地利芬兰斯洛伐克葡萄牙希腊爱尔兰 2025 法国 292 325 378 170 38 45 45 24 11 2 21 8 8 2026 法国 349 353 362 170 57 51 43 22 11 4 23 8 12 0 50 100 150 200 250 300 350 400 每周简报 28 八月 2026 11:37 撰写时间

2026 欧元区政府债券发行 28 8月 2026 由意大利联合圣保罗银行研究部编制 2 202 6 按发行主体和期限划分的发行量（预测，十亿欧元）德国 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月合计总发行量 41.5 26.5 35.5 31.5 29.0 26.5 34.0 32.5 36.0 30.0 22.5 8.5 354 2 年 12.0 6.0 10.0 6.0 6.0 10.0 6.0 11.0 5.0 11.0 5.0 4.0 92 5 年 6.0 5.0 10.0 5.0 6.0 5.0 6.8 6.5 11.5 6.0 5.0 4.5 77 7 年 0.0 4.0 4.0 3.5 3.5 4.0 3.0 22 10 年 12.0 7.0 6.0 10.8 5.0 5.0 12.0 6.5 11.0 5.5 5.0 86 15-20 年 7.5 2.0 6.0 2.0 2.5 3.0 2.8 1.5 2.0 1.0 2.0 32 30 年 4.0 2.5 3.5 3.8 6.0 3.5 3.0 7.0 6.5 2.5 2.5 45 通胀挂钩债券 0 欧元债券 0 到期赎回 33.5 19.0 47.2 19.0 32.5 19.0 24.0 19.0 213 净发行量 41.5 -7.0 16.5 -15.7 29.0 7.5 34.0 0.0 17.0 6.0 22.5 -10.5 141 法国 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月合计总发行量 39.3 38.4 26.6 40.7 35.5 29.3 31.2 26.4 28.0 26.0 26.5 15.0 363 2-3 年 9.0 6.3 6.4 5.2 7.7 4.0 4.0 2.7 3.5 3.5 4.5 57 5 年 4.5 7.2 6.0 11.7 10.5 10.0 10.0 9.8 7.0 8.5 7.0 92 10 年 7.7 13.1 9.2 19.4 8.1 9.2 11.3 10.5 9.0 8.5 8.5 8.5 123 15 年 2.8 1.7 2.5 3.7 2.1 2.5 2.0 2.0 2.5 22 20 年 12.7 1.2 4.3 3.1 3.6 2.3 2.0 2.0 2.0 33 30 年 1.2 8.0 1.9 1.1 2.5 2.5 17 40-50 年 0 通胀挂钩债券 1.4 0.9 0.8 1.3 1.1 1.3 1.4 1.4 4.0 1.5 2.0 1.5 19 到期赎回 33.1 10.6 32.1 33.2 27.6 36.9 174 净发行量 39.3 5.3 16.1 8.6 2.3 29.3 31.2 26.4 0.4 26.0 -10.4 15.0 189 意大利 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月合计总发行量 31.4 34.5 37.0 40.1 26.4 50.6 29.9 13.0 29.0 33.5 22.5 13.5 361.4 2 年 3.9 2.5 2.0 2.5 3.0 3.0 2.5 3.9 2.5 3.0 2.5 - 31 3 年 5.2 4.2 2.0 2.5 3.6 5.2 2.5 - 2.0 2.5 2.5 2.0 34 5 年 - 2.8 3.3 3.0 5.2 4.2 3.0 3.0 6.5 11.0 2.5 2.5 47 7 年 15.0 3.3 18.7 3.8 3.9 13.0 3.5 - 2.5 5.5 3.5 3.0 76 10 年 - 3.8 4.5 17.0 1.8 4.5 4.0 3.3 5.0 4.0 3.0 2.5 53 15 年 - 14.0 1.5 1.8 - - 1.5 - 1.5 - 1.0 - 21 20 年 5.0 - - - 1.5 - - - 5.0 - 2.0 - 14 30 年 - - - - - 5.0 - - - 1.5 - 1.5 8 >=50 年 - - - - - - - - - - - - 0 BTPei 与 BTP Italia 2.3 2.0 2.0 3.5 2.9 11.0 3.9 - 2.0 2.0 2.5 - 34 浮动利率债券 CCTeu - 2.0 2.5 4.0 4.6 3.7 2.2 2.3 2.0 4.0 3.0 2.0 32 欧元债券 - - 0.5 2.1 - 0.9 6.8 0.5 - - - - 11 到期赎回 28.6 21.0 20.5 41.5 18.8 19.9 17.2 29.8 32.6 0.0 12.4 19.8 262 净发行量 2.8 13.5 16.6 -1.4 7.6 30.6 12.7 -16.8 -3.6 33.5 10.1 -6.3 99 西班牙 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月合计总发行量 30.6 20.5 11.6 13.2 12.8 24.4 13.4 6.2 12.0 17.5 8.0 3.5 174 3 年 3.9 3.3 1.8 1.9 2.1 1.8 2.6 - 1.5 2.0 2.0 - 23 5-7 年 5.9 6.0 5.9 7.2 5.8 3.5 5.9 3.4 4.0 3.5 3.5 1.5 56 10 年 15.0 1.9 2.0 1.8 2.3 15.6 2.2 1.9 2.5 2.5 2.0 2.0 52 15 年 3.6 1.6 1.2 1.7 1.1 2.9 - - 1.5 8.0 - - 22 30 年 - 7.0 - - - - 1.9 - - 1.0 - - 10 50 年 1.3 - - - - - - - - - - - 1 通胀挂钩债券 0.9 0.6 0.7 0.7 1.5 0.6 0.8 0.9 2.5 0.5 0.5 - 10 浮动利率债券 0 欧元债券 0 到期赎回 21.3 0.0 0.0 22.9 23.6 0.0 24.6 0.0 0.0 28.7 0.0 0.0 121 净发行量 9.3 20.5 11.6 -9.7 -10.8 24.4 -11.2 6.2 12.0 -11.2 8.0 3.5 53 荷兰 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月合计总发行量 5.7 2.2 8.6 4.6 4.1 4.5 6.3 1.0 9.0 6.0 5.5 0.0 57 3 年 0 5-7 年 5.7 3.3 3.3 3.0 2.5 18 10 年 7.0 2.7 2.5 3.0 6.0 3.5 25 15-20 年 2.2 1.3 1.3 1.0 3.0 9 30 年 1.6 2.0 2.5 6 欧元债券 0 到期赎回 11.6 17.2 29 净发行量 -5.9 2.2 8.6 4.6 4.1 4.5 -11.0 1.0 9.0 6.0 5.5 0.0 29 注：阴影单元格表示预期新发行资料来源：意大利联合圣保罗银行

2026 欧元区政府债券发行 28 八月 2026 由意大利联合圣保罗银行研究部编制 3 202 6 按发行人和期限分类发行量（预测，十亿欧元）比利时一月二月三月四月五月六月七月八月九月十月十一月十二月总计总发行量 8.0 7.8 3.6 3.0 9.8 2.2 7.9 3.0 4.8 2.5 4.8 0.0 57 3 年 0 5-7 年 0.8 0.9 0.9 8.0 0.5 4.8 0.8 1.5 1.5 20 10 年 8.0 1.0 1.4 1.1 1.0 1.0 1.2 1.3 1.5 1.0 1.5 20 15-20 年 0.8 0.7 0.7 1.0 0.9 1.0 1.0 6 30 年 6.0 0.9 0.9 1.5 9 40-50 年 0.2 0 浮息债 0 欧元债券 0.2 0.1 0.8 0.8 2 赎回 11.1 15.0 26 净发行量 8.0 7.8 -7.5 3.0 9.8 -12.8 7.9 3.0 4.8 2.5 4.8 0.0 31 葡萄牙一月二月三月四月五月六月七月八月九月十月十一月十二月总计总发行量 5.5 1.5 2.4 1.3 1.8 2.1 1.3 0.0 4.0 1.5 1.5 0.0 23 3 年 0.7 1 5-7 年 0.6 0.7 0.9 3.0 0.5 6 10 年 4.9 0.8 0.7 0.7 1.0 0.6 0.7 1.0 0.5 11 15-20 年 0.5 0.4 0.6 0.5 0.5 3 30 年 0.5 1 浮息债 0 欧元债券 1.0 1.0 0.5 3 赎回 1.0 10.3 11.9 23 净发行量 4.5 1.5 2.4 1.3 1.8 2.1 -9.0 0.0 4.0 -10.4 1.5 0.0 0 奥地利一月二月三月四月五月六月七月八月九月十月十一月十二月总计总发行量 9.7 2.6 5.4 2.7 1.3 5.6 1.5 0.5 7.7 3.5 1.5 1.0 43 5 年 1.0 1.0 1.7 0.7 3.5 0.9 0.5 1.0 1.0 11 7 年 1.0 1.0 2 10 年 7.2 0.8 0.7 1.0 0.6 0.7 5.0 1.5 17 15-20 年 1.3 2.0 1.5 1.5 1.0 7 30 年 0.9 2.5 3 50 年 0 100 年 0 欧元债券 0.4 0.8 0.2 0.0 0.1 0.2 2 赎回 10.3 4.9 17.2 32 净发行量 9.7 2.6 -4.9 2.7 1.3 5.6 -3.4 0.5 7.7 -13.7 1.5 1.0 11 希腊一月二月三月四月五月六月七月八月九月十月十一月十二月总计总发行量 4.0 0.3 0.0 0.3 0.0 0.3 0.0 0.0 3.0 0.3 0.0 0.0 8 3 年 0 5-7 年 0 10-年期 4.0 0.3 0.3 0.3 5 15-20-年期 3.0 0.3 3 30-年期 0 0 0 欧元债券 0 赎回 3.1 0.9 2.3 0.0 6 净发行量 4.0 -2.8 -0.9 0.3 0.0 0.3 -2.3 0.0 3.0 0.3 0.0 0.0 2 爱尔兰一月二月三月四月五月六月七月八月九月十月十一月十二月总计总发行量 5.0 0.0 1.3 0.0 2.0 0.0 1.3 0.0 1.0 0.5 1.0 0.0 12.0 3 年 0 5-7 年 1.0 1 10 年 5.0 1.3 0.8 1.0 8 15-20 年 2.0 0.5 0.5 3 30-50 年 0 欧元债券 0 赎回 0.0 11.6 12 净发行量 5.0 0.0 1.3 0.0 -9.6 0.0 1.3 0.0 1.0 0.5 1.0 0.0 0 芬兰一月二月三月四月五月六月七月八月九月十月十一月十二月总计总发行量 3.0 2.4 1.5 1.5 3.3 1.5 0.0 0.4 5.0 1.5 1.0 0.0 21 3 年 0.8 1 5-7 年 0.03 0.9 0.7 0.3 4.0 0.5 0.5 7 10 年 1.0 0.6 0.9 1.0 1.0 4 15-30 年 3.0 1.1 0.7 0.8 0.6 0.2 0.5 7 50 年 0 欧元债券 0.4 1.8 2 赎回 0.4 7.0 3.9 11 净发行量 3.0 2.1 1.5 -5.5 3.3 1.5 0.0 0.4 1.1 1.5 1.0 0.0 10 注：阴影单元格表示预期新发行 - 资料来源：意大利联合圣保罗银行 202 6 按发行人和期限分类发行量（预测，十亿欧元）

2026 欧元区政府债券发行 28 8月 2026 由意大利联合圣保罗银行股份公司研究部编制 4 斯洛伐克 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月总计总发行量 0.6 2.6 0.8 0.6 1.3 0.6 0.0 0.0 3.2 0.5 0.5 0.0 11 2-3 年 0.1 0.2 0.1 0.1 0.2 1 5-7 年 0.2 0.2 0.2 0.1 0.1 0.2 0.2 1 10 年 0.1 0.4 0.5 0.2 0.2 0.2 3.0 0.2 0.3 5 15-20 年 0.1 2.0 0.2 0.1 0.1 0.3 3 30年期 0 50 年 0 浮动利率债券 0 欧元债券 0.8 1 赎回额 1.5 2.8 4.3 净发行量 0.6 1.1 0.8 0.6 -1.4 0.6 0.0 0.0 3.2 0.5 0.5 0.0 6 斯洛文尼亚 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月总计总发行量 1.8 0.8 0.0 0.5 0.4 0.0 1.0 0.0 0.0 0.0 0.0 0.0 4 3 年 0 5-6 年 1.0 1 10 年 1.8 0.8 3 15-20 年 0 30年期 0 50 年 0 欧元债券 0.5 0.4 1 0 0 赎回额 1.0 1.8 0.0 3 净发行量 1.8 -0.3 -1.8 0.5 0.4 0.0 1.0 0.0 0.0 0.0 0.0 0.0 2 欧洲金融稳定基金 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月总计总发行量 7.0 4.0 0.0 0.0 3.0 0.0 3.0 0.0 1.5 0.0 0.0 0.0 19 1-3 年 3.0 3 5 年 4.0 4 7 年 3.0 1.5 5 10 年 4.0 3.0 7 20-30 年 0 30-50 年 0 场外发行债券 0 赎回额 5 5 4 3 4 21 净发行量 2.0 4.0 0.0 0.0 -2.0 0.0 -1.0 -3.0 1.5 -4.0 0.0 0.0 -2.5 欧洲稳定机制 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月总计总发行量 0.0 2.5 0.0 0.0 0.0 2.0 0.0 0.0 2.5 0.0 0.0 0.0 7 1-3 年 0 5 年 2.0 2 7 年 2.5 3 10 年 2.5 3 15-40 年 0 浮动利率债券 0 欧元债券 0 场外发行债券 0 赎回额 6 3 4 13 净发行量 2.5 -5.5 0.0 0.0 2.0 0.0 0.0 -0.5 0.0 0.0 -4.0 -5.5 欧盟 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月总计总发行量 18.4 17.9 14.0 15.0 14.1 17.3 12.5 7.0 12.0 15.0 12.0 15.5 171 3 年 6.0 2.2 3.0 2.9 2.9 2.1 2.0 3.0 5.0 29 5 年 2.7 2.5 2.7 2.1 3.0 6.0 2.5 2.0 4.0 27 7 年 6.0 2.3 6.0 2.9 2.5 3.0 6.0 29 10 年 2.8 9.0 2.6 3.4 2.5 2.5 2.5 2.5 28 15 年 2.0 2.2 1.4 8.0 1.4 2.0 5.0 3.0 4.0 29 20-25 年 5.0 6.0 1.2 1.5 14 30 年 5.0 4.0 6.0 15 赎回额 8 18.0 4.0 16.2 46 净发行量 18.4 17.9 6.0 15.0 14.1 17.3 -5.5 7.0 8.0 -1.2 12.0 15.5 124.5 总计净发行量 20.4 24.4 0.5 15.0 12.1 19.3 -6.5 4.0 9.0 -5.2 12.0 11.5 116.6 总计总发行量 25.4 24.4 14.0 15.0 17.1 19.3 15.5 7.0 16.0 15.0 12.0 15.5 196.2 注：阴影单元格表示预期新发行 - 来源：意大利联合圣保罗银行

2026 欧元区政府债券发行 28 8月 2026 由意大利联合圣保罗银行股份公司研究部编制 5 202 6 绿色债券按发行人和期限划分（预测，十亿欧元）绿色债券 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月总计 7.6 6.3 8.3 2.5 4.9 11.9 2.9 3.5 14.0 2.0 4.5 0.0 68 德国总计 0.0 1.5 5.0 1.5 1.5 2.0 1.5 1.5 2.0 2.0 0.0 0.0 19 5-7 年 1.0 0.8 0.5 1.0 1.0 4 10-15 年 1.5 5.0 0.8 0.5 1.0 0.8 0.5 1.0 11 30 年 0.8 1.0 0.5 1.0 3 法国总计 0.0 1.2 0.0 0.0 0.0 0.5 0.0 2.0 1.5 0.0 1.0 0.0 6 10-15 年 10.0 1.5 1.0 13 20 年 1.2 2.0 3 通胀挂钩债券 0.9 0.5 1 比利时总计 0.0 1.2 0.0 0.0 0.0 0.0 0.0 1.5 0.0 3 10 年 1.0 1.5 3 15-20 年 1.2 1 荷兰总计 1.0 1.0 1.0 3 15 年 1.0 1.0 2 20 年 1.0 1 爱尔兰总计 1.0 1.0 2 7 年 1.0 1 20 年 1.0 2.0 3 意大利总计 5.0 0.0 0.0 0.0 0.0 8.0 0.0 0.0 0.0 0.0 2.0 0.0 15 7-11 年 15-20 年 5.0 8.0 2.0 15 希腊 20 年 0 西班牙 15-20 年 1.0 1.0 2 奥地利总计 1.6 0.4 1.4 1.0 0.4 0.4 0.0 1.0 0.0 0.0 0.0 6 5 年 1.0 1.0 2 15-20 年 1.6 0.4 0.4 0.4 0.4 1.0 4 斯洛文尼亚 10 年 1.0 1 欧盟总计 0.0 0.0 1.9 0.0 2.4 1.0 1.0 0.0 5.0 0.0 1.5 0.0 13 10 年 1.9 2.4 5.0 9 15 年 1.0 1 20-30 年 1.0 1.5 3 注：阴影单元格表示预期新发行资料来源：意大利联合圣保罗银行 202 6 总发行量 - 完成率（实际/年度预期金额的百分比） 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月德国 12% 19% 29% 38% 46% 54% 63% 73% 83% 91% 98% 100% 法国 11% 21% 29% 40% 50% 58% 66% 74% 81% 89% 96% 100% 意大利 9% 18% 28% 40% 47% 61% 69% 73% 81% 90% 96% 100% 西班牙 18% 29% 36% 44% 51% 65% 73% 76% 83% 93% 98% 100% 荷兰 10% 14% 29% 37% 44% 52% 63% 64% 80% 90% 100% 100% 比利时 14% 28% 34% 39% 56% 60% 74% 79% 87% 92% 100% 100% 葡萄牙 24% 31% 41% 47% 55% 64% 69% 69% 87% 93% 100% 100% 奥地利 23% 29% 41% 47% 50% 63% 67% 68% 86% 94% 98% 100% 希腊 49% 53% 53% 56% 56% 59% 59% 59% 96% 100% 100% 100% 爱尔兰 42% 42% 52% 52% 69% 69% 79% 79% 88% 92% 100% 100% 芬兰 14% 26% 33% 40% 55% 62% 62% 64% 88% 95% 100% 100% 斯洛伐克 5% 30% 37% 42% 55% 61% 61% 61% 91% 95% 100% 100% 斯洛文尼亚 40% 57% 57% 69% 77% 77% 100% 100% 100% 100% 100% 100% 欧元区 12% 22% 31% 40% 49% 59% 67% 73% 83% 91% 97% 100% 资料来源：彭博，意大利联合圣保罗银行。

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2026 Euro Area Government Issuance 28 August 2026 Produced by the Intesa Sanpaolo SpA Research Department 6 Appendix Analyst Certification The financial analysts who prepared this report, and whose names and roles appear on the first page, certify that: (1) The views expressed on companies mentioned herein accurately reflect independent, fair and balanced personal views; (2) No direct or indirect compensation has been or will be received in exchange for any views expressed. Specific disclosures The analysts who prepared this report do not receive bonuses, salaries, or any other form of compensation that is based upon specific investment banking transactions. Important Disclosures This research has been prepared by Intesa Sanpaolo SpA and distributed by Intesa Sanpaolo SpA , Intesa Sanpaolo SpA - London Branch (a member of the London Stock Exchange) and Intesa Sanpaolo IMI Securities Corp . (a member of the NYSE and FINRA). Intesa Sanpaolo SpA accepts full responsibility for the contents of this report. Please also note that Intesa Sanpaolo SpA reserves the right to issue this document to its own clients. Intesa Sanpaolo SpA is authorised by the Banca d'Italia and is regulated by the FCA in the conduct of designated investment business in the UK and by the SEC for the conduct of US business. Opinions and estimates in this research are as at the date of this material and are subject to change without notice to the r ecipient. Information and opinions have been obtained from sources believed to be reliable, but no representation or warranty is ma de as to their accuracy or correctness. Past performance is not a guarantee of future results. The investments and strategies discussed in this research may not be suitable for all investors. If you are in any doubt you should consult your investment advisor. 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The financial instruments may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the FinSA and no application has or will be made to admit the financial instruments to trading on any trading venue (exchange or multilatera l trading facility) in Switzerland. Neither this information nor any other offering or marketing material relating to the financial ins truments may be publicly distributed or otherwise made publicly available in Switzerland. US persons: This document is intended for distribution in the United States only to Major US Institutional Investors as defin ed in SEC Rule 15a - 6. US Customers wishing to effect a transaction should do so only by contacting a representative at Intesa Sanpaolo IMI Securities Corp. in the US (see contact details below ). Intesa Sanpaolo SpA issues and circulates research to Major Institutional Investors in the USA only through Intesa Sanpaolo IMI Securities Corp., 1 William Street, New York, NY 10004, USA, Tel: (1) 212 326 1199. Inducements in relation to research Pursuant to the provisions of Delegated Directive (EU) 2017/593, this document can be qualified as an acceptable minor non - monetary benefit as it is: ◼ macro - economic analysis or Fixed Income, Currencies and Commodities material made openly available to the general public on the IMI Corporate & Investment Banking Division website ( www.imi.intesasanpaolo.com ) - Q&A on Investor Protection topics - ESMA 35 - 43 - 349, Question 8 & 9 . Method of distribution 2026 Euro Area Government Issuance 28 August 2026 Produced by the Intesa Sanpaolo SpA Research Department 7 This document is for the exclusive use of the recipient with whom it is shared by Intesa Sanpaolo SpA and may not be reproduced, redistributed, directly or indirectly, to third parties or published, in whole or in part, for any reason, without prior cons ent expressed by Intesa Sanpaolo SpA . The copyright and all other intellectual property rights on the data, information, opinions and assessments referred to in th is information document are the exclusive domain of the Intesa Sanpaolo B anking G roup, unless otherwise indicated. Such data, information, opinions and assessments cannot be the subject of further distribution or reproduction in any form and using any technique, even parti ally, except with express written consent by Intesa Sanpaolo SpA . Persons who receive this document are obliged to comply with the above indications. Valuation Methodology Trading Ideas are based on the market’s expectations, investors’ positioning and technical, quantitative or qualitative aspec ts. They take into account the key macro and market events and to what extent they have already been discounted in yields and/or ma rket spreads. They are also based on events which are expected to affect the market trend in terms of yields and/or spreads in the short - medium term. The Trading Ideas may refer to both cash and derivative instruments and indicate a precise target or yield range or a yield spread between different market curves or different maturities on the same curve. The relative valuations may be in terms of yield, asset swap spreads or benchmark spreads. Coverage Policy a nd Frequency o f Research Reports Intesa Sanpaolo SpA trading ideas are made in both a very short time horizon (the current day or subsequent days) or in a horizon ranging from one week to three months, in conjunction with any exceptional event that affects the issuer’s operations. Disclosure of potential conflicts of interest Intesa Sanpaolo SpA and the other companies belonging to the Intesa Sanpaolo Banking Group (jointly also the “Intesa Sanpaolo Banking Group ”) have adopted written guidelines “Organisational, management and control model” pursuant to Legislative Decree 8 June, 2001 no. 231 (available at the Intesa Sanpaolo SpA website, webpage https://group.intesasanpaolo.com/en/governance/leg - decree - 231 - 2001 ) setting forth practices and procedures, in accordance with applicable regulations by the competent Italian authorities and best international practice, including those known as Information Barriers, to restrict the flow of informati on, namely inside and/or confidential information, to prevent the misuse of such information and to prevent any conflicts of interest arising from the many activities of the Intesa Sanpaolo Banking Group which may adversely affect the interests of the customer in accordance wit h current regulations. In particular, the description of the measures taken to manage interest and conflicts of interest – in accordance with Articles 5 and 6 of the Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No. 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective pres entation of investment recommendations or other information recommending or suggesting an investment strategy and for disc losure of particular interests or indications of conflicts of interest as subsequently amended and supplemented, the FINRA Rules 2241 and 2242 as applicable , as well as the FCA Conduct of Business Sourcebook rules COBS 12.4 - between the Intesa Sanpaolo Banking Group and issuers of financial instruments, and their group companies, and referred to in research products produced by analysts at Int esa Sanpaolo SpA is available in the "Rules for Research " and in the extract of the "Corporate model on the manage ment of inside information and conflicts of interest" published on the website of Intesa Sanpaolo SpA , webpa ge https://group.intesasanpaolo.com/en/research/RegulatoryDisclosures . As for the disclosures, please note that one or more of the companies of Intesa Sanpaolo Banking Group: ◼ trade or may trade as a principal in the securities (or in related derivatives) that are the subject in this report; ◼ plan to solicit investment banking business or intend to seek compensations from the securities that are the subject of this report in the next three months. Furthermore, in accordance with the aforesaid regulations, the specific company - related disclosures of the Intesa Sanpaolo Banking Group’s interests and conflicts of interest are available through webpage https://group.intesasanpaolo.com/en/research/RegulatoryDisclosures/archive - of - intesa - sanpaolo - group - s - conflicts - of - interest . The conflicts of interest published on the internet site are updated to at least the day before the publishing date of this r eport. Intesa Sanpaolo SpA acts as market maker in the wholesale markets for the government securities of the main European countries and also acts as Government Bond Specialist, or in comparable roles, for the government securities issued , among others , by the Republic of Italy . Intesa Sanpaolo Research Department – Head of Research Gregorio De Felice Macroeconomic Analysis Luca Mezzomo (Head) luca.mezzomo@intesasanpaolo.com Rates, FX & Commodities Research Chiara Manenti (Head) chiara.manenti@intesasanpaolo.com Sergio Capaldi (Rates) sergio.capaldi@intesasanpaolo.com Asmara Jamaleh (FX) asmara.jamaleh@intesasanpaolo.com Daniela Corsini (Commodities) daniela.corsini@intesasanpaolo.com

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关键论点

预计2026年总发行量为1494亿欧元，高于2025年的1330亿欧元，增幅约12%。
2026年净发行量预计为577亿欧元，高于2025年的486亿欧元。
供给增加主要由法国、德国、意大利和荷兰推动，法国和德国的总发行量分别增加约57-61亿欧元。
长期限（15-20年）发行量从2025年的132亿欧元升至2026年的183亿欧元，反映政府延长债务期限。
2026年绿色债券发行量预计为68亿欧元，略低于2025年的73亿欧元。