Government Bond data report Q1 2019 | AFME

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Data Research
Government Bond data report Q1 2019
17 Jun 2019
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Author Julio Suarez Director
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AFME is pleased to circulate its Q1 2019 Government Bond Data Report.

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

 Report highlights include:                                                           

  • Average daily trading volumes of European government bonds increased by 15% YoY during 1Q19, driven by a significant increase in France (52% YoY), Ireland (39% YoY) and Hungary (24% YoY) trading. There was a reduction in trading Italy (-27% YoY), Germany (-15% YoY) and Sweden (-5% YoY).
  • European Government bond and bills gross issuance increased by 44% compared to 4Q18 and was 2% greater than the volume issued in 1Q18.
  • During 1Q19 there were 4 long-term credit rating upgrades for EU countries and no downgrades.
  • Divergence in secondary market trading of government debt securities in EU countries: turnover in the UK has increased 170% since 2006, whilst Germany and Italy  have experienced modest declines in sovereign trading activity within the same period.
  • Record bid cover ratio in Sweden as issuance volume shrinks. In 1Q19 a record breaking auction of 500mn SEK had a bid cover ratio of 6.03, this represents the most oversubscribed sovereign auction in Sweden for 3 years. The decline in supply of Swedish sovereign securities may be a contributory factor as debt issuance remains at record lows.
  • Debt issued in longer tenors in selected EU CEE countries.  During Q1 2019, weighted average years to maturity increased in Latvia (18.5% QoQ), Romania (12.6% QoQ), Slovenia (11.2% QoQ) and Czech Republic (8.8% QoQ).