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.

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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

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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

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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%)