Daily Bond Auction Preview - 28th August 2026

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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:

• Currently, the Italian 10yr yields trades at 4.10%.
• Focus in Italy over the coming months will be on politics, with a general election set next year. Recently, Cirielli, a senior member of Meloni's party opened the door to a potential alliance with the far-right party National Future. This goes against Meloni's stance that her party is not planning to team up with the far-right party. Furthermore, other officials within the Meloni camp have come out and shot down Cirielli's comments, stating that it is his own position.
• A key sticking point for the electorate is the rising gas prices, due to the conflict in the Middle East. The government has extended a tax cut on diesel fuel prices until September 5th, adding to the long line of fuel-tax relief measures. Although the new aid will be financed by collecting taxes from energy companies earlier, further financing will be harder to find.
• All being said, investors have been favouring Italian debt over its French counterpart, with France set for an important Presidential election in 2026. The IT-FR 10yr spread now trades at -0.02%, showing that BTPs are seen as more safe compared to OATs.

Recent History:

• 3.15% 2031: b/c 1.59x, avg. yield 3.39%
• 4.00% 2036: No recent history
• 1.773% 2034 CCTeu: No recent history
• 1.645% 2035 CCTeu: No recent history

Results due shortly after the 10:00BST bidding deadline