Danish Government Bond Auction Preview May 2026

SEB previews the upcoming Danish government bond auction of DGB'28 and DGB'35, noting the DKK 65bn annual issuance target is 42.1% complete.

Key Takeaways

• 1.The Danish Central Bank is auctioning 2Y DGB 2028 and 10Y DGB 2035 on May 20, 2026.
• 2.The 2026 DGB issuance target remains unchanged at DKK 65 bn, with 42.1% of the target completed year-to-date.
• 3.The Danish Krone (DKK) is trading weak against the EUR and is expected to remain structurally weak.

Table of Contents

• Auction Preview
• DGB'28 and DGB'35
• General
• DGB'28
• DGB'35
• DGBs – Funding in 2026
• DGB - relative value vs. DBR and swaps
• 2Y DGB vs Germany and EUR cores
• 10Y DGB vs Germany and EUR cores
• DGB ASW carry and roll
• DISCLAIMERS/DISCLOSURE

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