Government Bond Data Report Q4 2024 & 2024FY | AFME
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Data Research
Government Bond Data Report Q4 2024 & 2024FY
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31 Mar 2025
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Author Julio Suarez Director
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Report highlights include:

 

  • EU Member States and the UK issued EUR 892 bn in bonds and bills throughout 4Q24, which represents a decrease of 5.5% (QoQ) compared to 3Q24, and an increase of 15.1% (YoY) compared to 4Q23
  • In 2024FY, European government bond trading increased 9% compared to 2023 and 28% compared to 2022, according to MarketAxess TraX. The traded amount in 2024FY was the highest average daily trading volume in European government bonds since records began in 2014, driven by consistently strong activity throughout all quarters of the year. During 4Q24, European quarterly traded volumes in increased 4% (QoQ) and decreased 1% (YoY).
  • Outstanding amount of European ESG government bonds reached EUR 538 bn during 4Q24. Volumes were driven by tap issuance by France (EUR 3.4 bn), the UK (EUR 2.7 bn), Spain (EUR 1.8 bn), Germany (EUR 1.0 bn), Austria (EUR 0.7 bn), Denmark (EUR 0.2 bn) and the European Commission (EUR 3.0 bn).
  • During 4Q24 there were 4 long-term credit rating upgrades for European countries and 2 downgrades. This follows 1 upgrade and no downgrades in 1Q24, 2 upgrades and 4 downgrades in 2Q24, and 2 upgrades and no downgrades in 3Q24, bringing the 2024 full-year total to 9 upgrades and 6 downgrades. Cyprus continued to increase the quality of its credit profile throughout 4Q24, with upgrades from each of the three of the main credit rating agencies, including a rating action concerning an upgrade of two notches.
  • There were 8 entries and 6 exits in European primary dealership from December 2024 to January 2024 with a net change of 2. Changes in primary dealership affected sovereign debt markets in France, the Netherlands, Germany, Czech Republic, Greece, Hungary, Slovakia and Slovenia. This follows 2 entries and 1 exit in total of banks to primary dealer systems from October to December 2024. After the most recent changes, there are now 16 primary dealers in the Dutch sovereign market, representing the highest number of active participants since August 2017.
  • The average bid-cover ratio (demand/amount allocated) was 2.37 in 4Q24, a decrease of 4.0% (QoQ) from 3Q24 and an increase of 5.8% from 4Q23 (YoY).