Global Rates - 2025 Global government issuance outlook

• Global government issuance trends are bearish, with widening deficits and increasing net issuance in major economies
• Euro area, UK, and US are all facing significant supply pressures, leading to concerns about term premium and yield curve steepening
• Japan is expected to see a slowdown in net issuance, but QT policies will still impact the JGB curve, potentially leading to a flattening bias in 2025.

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