Global Rates: 2026 Global government issuance outlook

• Forecasting a decline of approximately 13% in net issuance of conventional government bonds in 2026, driven mostly by the US Treasury.
• DMOs in the euro area, Japan, and the UK are reducing reliance on long-end issuance, with the US expected to follow suit.
• US fiscal deficit forecasted to widen to 1.96 trillion in fiscal year 2026, leading to potential increases in treasury coupon auction sizes concentrated in the front end through intermediate sectors of the curve.

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