Newsquawk Daily Bond Auction Preview - 29th September 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.

Analysis:

• The UK 10-year yield (5.39%) resides towards multi-decade highs, amidst elevated energy prices.
• This offers investors a good opportunity to secure a decent yield, though the environment remains clouded by geopolitical uncertainty and into the Autumn Budget (28th Oct).
• Source reports heading into the Budget remain light, however, PM Burnham has set out plans for a new help-to-buy scheme. This has lifted investor confidence in recent days, given the positive growth indications from such a policy.
• Given the relatively high yield on offer and recent market confidence, the sale should be well received.

Recent History:

• b/c 3.65x, average yield 5.155%, tail 0.1bps

Results due shortly after the 10:00BST bidding deadline

Analysis:

• Focus for Italy has been on the Budget Deficit, which was recently confirmed at 3.1% of GDP, holding just above the EU's 3% ceiling.
• Italy now looks to the National Escape Clause, which allows EU member states to temporarily exceed the EU budget spending caps. Italy aims to unlock an extra deficit of c. 1.5% to boost military spending. Approval is expected in October and would in theory, weigh on BTPs.

Recent History:

• 3.95% 2032: No recent history
• 4.00% 2036: b.c 1.62x, average yield 4.10%
• 1.645% 2036: b/c 1.62x & yield 3.25%

Results due shortly after the 10:00BST bidding deadline