16 Dec 2016

Government Bond Data Report: European market data update - Q3 2016

Highlights and Market Environment

This report provides a comprehensive data source with updated statistics of the Government bond primary markets and trading in Europe (EU28).

The report collates recent data trends on origination, outstanding volumes, credit quality, trading activity and valuations of EU government bonds.

Among the main findings of this report are:

  • European Government bond gross issuance totalled €2.0tn in 2016YtD, a decrease of 2% from the volume originated in the same period of 2015 (€2.03tn)
  • Of the new issues, the average bid-cover ratio (demand/amount allocated)2 was 2.20 in 3Q16, an increase when compared to 2.11 in 2Q16
  • Government bonds outstanding stood at the end of 3Q16 at €9.9tn
  • Four European countries had their long-term credit ratings upgraded during the quarter (Cyprus, Hungary, Malta, and Slovenia) and no countries were downgraded
  • Average daily trading volumes of European government bonds fell in most jurisdictions during 3Q16, with the UK as the most notable exception