MNI Eurozone Issuance Deep Dive: 2026 Outlook

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• The MNI Markets team expects gross issuance of E1.66tln in 2026, around E120bln higher than the E1.54bln seen in 2025 (a level that was E30bln higher than we had pencilled into last year’s Deep Dive).
• Redemptions in 2026 (E901bln) are expected to be around E126bln higher than in 2025 at E1.02tln (2025: E0.89tln).
• Coupon payments are marginally higher than in 2025, expected at E249bln.
• This leaves net flows for 2026 at E389bln, a similar level to the E403bln (we had estimated E392bln in last year’s Deep Dive).

Contents

• See pages 2-16 for country-by-country overviews of issuance, including summaries of funding plans and MNI’s expectations for syndications and new bonds.
• See pages 17 for lists of bonds maturing in both 2026 and 2025.
• See page 18-29 for bond and T-bill auction calendars for 2026.
• See page 30-32 for a schedule of coupons and redemptions by country for 2026.