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Data Research
AFME Government Bond Data Report Q3 2024
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16 Dec 2024
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AFME is pleased to circulate its Q3 2024 Government Bond Data Report.

Report highlights include:

  • EU Member States and the UK issued EUR 898 bn in bonds and bills throughout 3Q24, which represents a decrease of 5.6% (QoQ) compared to 2Q24, and an increase of 5.7% (YoY) compared to 3Q23.  In Slovenia, an inaugural government digital bond was issued in July 2024, representing the first time a European sovereign has issued a digital bond based on distributed ledger technology.
  • Record trading volumes continued in European (EU+UK) government bonds during Q3 2024, according to MarketAxess TraX, with trading increasing 3% (YoY) and decreasing 10% (QoQ). In 2024 to date, average daily trading volumes were up 13%, compared to 2023, and up 27% compared to 2022. Average daily trading volumes in 2024 to date continue to be the highest in the past six years following consistently high trading volumes reported since 2022.
  • Outstanding amount of European ESG government bonds reached EUR 527 bn during 3Q24. Volumes were driven by tap issuance by Germany (EUR 4.0 bn), the UK (EUR 3.6 bn), Belgium (EUR 1.1 bn), Denmark (EUR 0.4 bn), and Ireland (EUR 0.3 bn) and the European Commission (EUR 5.0 bn).  In Slovenia, an inaugural dual-tranche social samurai bond was issued in August 2024, representing the first social samurai bond ever issued by a sovereign.

  • During 3Q24 there were 2 long-term credit rating upgrades for European countries and no downgrades. This follows 1 upgrade and no downgrades in 1Q24, 2 upgrades and 4 downgrades in 2Q24, bringing the 2024 year-to-date total to 8 upgrades and 5 downgrades (there were 3 further upgrades and 1 downgrade in 4Q24). Croatia continued to increase the quality of its credit profile throughout 2024, with two of the main credit rating agencies upgrading the credit rating of the country in Q3 2024.

  • There were 2 entries and 1 exit in European primary dealership from October to December 2024 with a net change of 1. Changes in primary dealership affected sovereign debt markets in Germany, Italy and Portugal. This follows 2 entries and 1 exit in total of banks to primary dealer systems from January to October 2024. After the most recent changes, there are now 22 primary dealers in the Italian sovereign market, representing the highest number of active participants since June 2008.
  • The average bid-cover ratio (demand/amount allocated) was 2.47 in 3Q24, a decrease of 1.2% (QoQ) from 2Q24 and an increase of 18.8% from 3Q23 (YoY).