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.
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)
Table II.B: Gross and net issuance and coupon types+ per country (bills and bonds denominated in foreign currency)
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).
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).
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).
For example, the pie chart below summarises the count of responses to whether issuers use Primary Dealership Systems as of December 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).
The stacked bar chart below summarises the issuance method response count for national currency denominated securities as of December 2022.
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.
The pie chart below summarises the issuer use of risk management instruments and derivatives by instrument type as of December 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.
The pie chart below summarises the coupon frequencies employed by issuers for treasury bonds as of December 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).
The stacked bar chart below summarises the response count for deviations from TARGET by market convention as of December 2022.
Table VII.A: National institutions involved in government debt management, issuance and market supervision
Table VII.B: National and international institutions involved in government debt trading, depository/registry and settlement