摩根士丹利：全球利率策略-全球政府债券拍卖：未来一月展望

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The G7 net DV01 is projected to be $85.2 million per basis point, which is higher than the average of $66.2 million per basis point, indicating increased market activity [2][12] - In the euro area, net issuance is expected to be -€11.3 billion over the next five weeks, with a total supply of €113.9 billion against €25.2 billion in coupons and €100 billion in redemptions [3][36] - The US is anticipated to issue a total of $529 billion over the next five weeks, resulting in a net issuance of $321.2 billion after accounting for $27.5 billion in coupons and $180.3 billion in redemptions [5][39] Summary by Sections Government Bond Auctions - The report outlines upcoming government bond auctions across various countries, including the US, UK, Eurozone, Japan, Australia, New Zealand, and Canada, detailing expected issuance amounts [4][6][7] Issuance Overview - In the UK, expected issuance includes £2.75 billion for UKT 0.875% Gilt 2033 and £1.25 billion for UKTi 0.125% Gilt 2031 [4] - Japan plans to issue ¥0.5 trillion for a 40-year JGB and ¥2.6 trillion for a 2-year JGB [6] - Canada is expected to issue a new 10-year CAN for approximately $5.25 billion [7] G7 Gross and Net Issuance - The report provides detailed estimates of gross issuance and net DV01 for G7 countries, highlighting fluctuations in issuance amounts over recent weeks [12][19] - The US shows significant net issuance activity, with a notable increase in DV01, indicating robust market conditions [21][34]