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Economic and Financial Committee

The EFC Sub-Committee on EU Sovereign Debt Markets provides since 2005 regular updates on key features of the EU government debt securities markets (both euro area and non-euro area). The information on this page is updated annually on the basis of data collected from Member States (see the list of national institutions).

The data and charts below have been last updated as of December 2022, based on contributions from ESDM Members. 

Size of the EU government debt markets

Table I: Total government debt securities outstanding.

Table I provides the value of total debt outstanding updated yearly broken down into the issuance’s currency denomination (Domestic Currency, EUR, USD, Other) as of December 2022.

31 JANUARY 2023
TI Total government debt securities outstanding 2022
English
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Table 1 outstanding debt by currency 2022

 

Issuance information

Tables II A and B provide issuers’ gross/net issuances and the maturity breakdowns in percentage of gross issuance in a given year for both national and foreign currency denominated issuances with respective coupon types.

Table II.A: Gross and net issuance and coupon types+ per country (bills and bonds denominated in national currency)

12 MAY 2023
TIIA Gross and net issuance and coupon types+ per country (bills and bonds denominated in national currency) 2022
English
(1.35 MB - PDF)
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Table II.B: Gross and net issuance and coupon types+ per country (bills and bonds denominated in foreign currency)

31 JANUARY 2023
TIIB Gross and net issuance and coupon types+ per country (bills and bonds denominated in foreign currency) 2022
English
(1.64 MB - PDF)
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These two tables are also available in a merged dataset format below.

Dataset 1 compiles total debt outstanding by currency denomination (TI) gross and net issuances denominated in national (TIIA) and foreign currencies (TIIB).

2 MARCH 2023
Dataset 1 TI TIIAB total debt outstanding
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Dataset 2 compiles issuers’ percentage of gross issuance by maturity in a given year with their respective coupon types for both national (TIIA) and foreign currencies (TIIB).

12 MAY 2023
Dataset 2 TIIAB gross issuance by maturity
English
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Table III.A: Issuance calendars and primary dealer systems

Table IIIA summarises the issuance calendars and the primary dealer systems employed by issuers such as the number of primary dealers for bills (average: 11,09) and bonds (average: 11,39).

31 JANUARY 2023
TIIIA Issuance calendars and primary dealer systems 2022
English
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For example, the pie chart below summarises the count of responses to whether issuers use Primary Dealership Systems as of December 2022.

table III PD primary dealership system 2022

 

Table III.B: Issuance techniques

Table IIIB summarises the issuers’ issuance techniques for securities denominated in foreign national and foreign currencies (Auctions, Syndication, Retail Schemes & Others).

31 JANUARY 2023
TIIIB Issuance techniques 2022
English
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The stacked bar chart below summarises the issuance method response count for national currency denominated securities as of December 2022. 

table IIIb issuance methods securities 2022

 

Risk management

Table IV: Risk management instruments

Table IV summarises the availability and use of risk management instruments and derivatives by type of instrument and their dominant trading place.

31 JANUARY 2023
TIV Risk management instruments 2022
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The pie chart below summarises the issuer use of risk management instruments and derivatives by instrument type as of December 2022.

table IV risk management instrument sovereign issuers 2022

 

Convergence of market practices

Table V: Market conventions

This table summarizes the market conventions for Treasury Bills and Bonds, as regards to the day count basis (ACT, 360, etc.), the quotation basis (decimals, yield, or price), the number of days for settlement in primary and secondary markets, and the coupon frequency for Treasury Bonds.

31 JANUARY 2023
TV Market conventions 2022
English
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The pie chart below summarises the coupon frequencies employed by issuers for treasury bonds as of December 2022.

table V coupon frequencies treasury bonds 2022

 

Table VI: Business days

Table VI summarises the deviations of national business days from TARGET business days for treasury bills and bonds (end-2022).

31 JANUARY 2023
TVIA Business days 2022
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The stacked bar chart below summarises the response count for deviations from TARGET by market convention as of December 2022.

table VI deviations from TARGET 2022

 

Institutional structure

Table VII.A: National institutions involved in government debt management, issuance and market supervision

31 JANUARY 2023
TVIIA Institutions involved in government debt management, issuance and market supervision 2022
English
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Table VII.B: National and international institutions involved in government debt trading, depository/registry and settlement

31 JANUARY 2023
TVIIB Institutions involved in government debt trading, depository/registry and settlement 2022
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(275.67 KB - PDF)
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