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February 9, 2026

Global Rates Focus SSA Supply Update

Weekly UpdateRates Govt BondsOther

This report provides a weekly update on SSA (Sovereign, Supranational, and Agency) bond supply, tracking YTD funding progress against 2026 targets and upcoming maturities.

Key Takeaways

  • 1.SSA issuers are making varied progress on 2026 funding targets, with some like KfW reaching 34% completion while the EU is at 6%.
  • 2.Recent issuance (Feb 4-9) was dominated by a large €5bn new issue from KfW with a 2033 maturity.
  • 3.Significant redemptions are approaching in late February and early March, including a €5.5bn ESM bullet and an €8bn EU bullet.

Table of Contents

  • SSA YTD funding progress
  • Upcoming SSA maturities in the next two weeks
  • 03 February – 09 February 2026 SSA supply
  • Important Information
  • Disclosures required under the EU Market Abuse Regulation
  • Disclaimer

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Authors

Evelyne Gomez-Liechti

Securities

KFWEUCADESESM

Themes

Currency Attractiveness for IssuersMaturity Profiles and ReinvestmentSSA Funding Progress

Regions

EuropeGlobalGermanyFranceCanada