Daily Bond Auction Preview - 12th August 2026

Previews of UK, EU and US government bond auctions including the size of issuance, time of the auction(s), estimates, redemptions, coupons and analyst commentary. The UK to sell GBP 1.5bln 1.125% 2035 I/L Treasury Gilt Recent History: 1.125% 2035 I/L: b/c 3.35x, real yield 1.515% Results due shortly after the 10:00BST bidding deadline Germany to sell EUR 2.5bln 1.00% 2038 and 1.80% 2053 Bund Analysis: Currently, the German 30yr yield trades at 3.66%. Comparing the German 30yr to its US and UK counterparts, it has climbed just 20bps in 2026, while the US and UK 30yr has risen 40-50bps. Analysts highlight the ECB’s quick response to the conflict-related rise in energy prices as the key reason for the difference in magnitude between long-end yields. Despite this, markets are still pricing in another 50bps of hikes by the ECB. The higher yields may be attractive for investors if they take the view that pricing is too hawkish. Recent History: 1.00% 2038: No recent history 1.80% 2053: b/c 1.3x, average yield 3.49%, retention 24.27% Results due shortly after the 10:30BST bidding deadline The US to sell USD 42bln 10-Year Note Recent History: Tail: prev. -0.6bps, six-auction average 0.3bps High Yield: prev. 4.580%, six-auction average 4.377% B/C: prev. 2.59x, six-auction average 2.47x Dealer: prev. 7.8%, six-auction average 11.0% Direct: prev. 10.7%, six-auction average 17.7% Indirect: prev. 81.5%, six-auction average 71.3% Results due shortly after the 18:00BST bidding deadline