Bond Auction Previews - 25th 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. UK to sell GBP 4bln 4.125% 2033 Treasury Gilt Analysis: The last tap was strong, though not quite as well received as the one before hand amid the yield movements between the two outings. For the UK, specifics have been light amid the summer recess. However, attention increasingly turns to the first Budget of the Burnham government this autumn. Before that, the September BoE will feature an update on the ongoing active bond activity. Broadly speaking, desks look for a reduction from the current GBP 70bln/yr figure to c. GBP 50bln/yr, again featuring a skew away from the long-end. If correct, modest curve flattening may be seen, a dynamic that may factor in consideration around taps of a duration as the one on offer this week. Recent History: b/c 3.16x, average yield 4.519% & tail 0.2bps Results due shortly after the 10:00BST bidding deadline Germany to sell EUR 5bln 2.70% 2028 Schatz Analysis: Note, the EUR 5bln on offer this week is a step down from the EUR 6bln offered in the July issue and early-August reopening. Ahead, the mid-September tap is also due to have EUR 5bln offered. A stepdown potentially done to try and spur a better outturn, as German taps have been lacklustre in recent weeks, amid the ongoing upside seen in short-end yields and expectations for an ECB hike in September. Further, domestic political uncertainty in and around the Cabinet of Chancellor Merz may be cause for some participants to remain on the sidelines. In addition to the usual summer-lull. Recent History: b/c 1.37x, average yield 2.78% & retention 24.1% Results due shortly after the 10:30BST bidding deadline US to sell USD 69bln 2yr Note US 2-YEAR NOTE RECENT AUCTION HISTORY: High Yield: (prev. 4.315%, six-auction avg. 3.963%) Tail: (prev. -0.5bps, six-auction avg. 0.2bps) Bid-to-Cover: (prev. 2.66x, six-auction avg. 2.61x) Dealers: (prev. 9.4%, six-auction avg. 13.0%) Directs: (prev. 34.1%, six-auction avg. 30.1%) Indirects: (prev. 56.6%, six-auction avg. 56.9%)