Report published August 17, 2026
DGB Auction Preview: Analysis of 2Y DGB 2028 and 10Y DGB 2035
Source and citation context
- Issuer
- SEB
- Report date
- August 17, 2026
- Analysis as of
- Not stated in source
Finvaulta summarizes SEB's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
SEB previews the Danish Central Bank's August 19, 2026 auction of 2Y DGB'28 and 10Y DGB'35, noting that 62.9% of the DKK 65 bn annual funding target has been completed. SEB views DGB'35 pricing as cheap and DGB'28 pricing as fair to expensive.
Key Takeaways
- 1.SEB assesses the current pricing of 10Y DGB'35 as cheap and 2Y DGB'28 as fair to expensive ahead of the August 19, 2026 Danish Central Bank auction.
- 2.The 2026 Danish government bond issuance target remains unchanged at DKK 65 bn, with YTD issuance reaching 62.9% (DKK 40.9 bn) prior to the auction.
- 3.Implied 3M EUR/DKK FX hedging provides an annualized yield pickup of 41.9 bps versus European government bonds (EGBs).
Table of Contents
- Auction Preview: DGB'28 and DGB'35
- DGBs – Funding in 2026: Issuance target unchanged at DKK 65 bn
- DGB - relative value vs. DBR and swaps
- 2Y DGB vs Germany and EUR cores: YTM-spreads vs DBRs and core EGBs including FX-hedge
- 10Y DGB vs Germany and EUR cores: YTM-spreads vs DBRs and core EGBs including FX-hedge
- DGB ASW carry and roll: Local ASW spreads and XCCY ASW pickup vs German comparables
- DISCLAIMERS/DISCLOSURE
Report data
DGB Issuance in 2026 - actual year-to-date and expected
| Metric | Estimate | Context |
|---|---|---|
| 2026 DGB Annual Issuance Target | 65 DKK bn | Target for Danish government bond issuance in 2026 |
| DGB 2026 YTD Issuance Progress | 62.9% | Issuance completion prior to August 19 auction (DKK 40.9 bn issued) |
| 3M EUR/DKK Implied FX-Hedge Pickup | 41.9 bps p.a. | Implied FX hedge pickup vs European government bonds |
| 10Y DGB FX-Hedged Excess Yield vs Germany | 23.8 bps | 10Y FX hedged excess yield of DGB vs German Bunds |
| DGB'28 Spread vs German Curve | -24.4 bps | DGB'28 spread relative to the German sovereign curve |
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Reported Data Context
- 2026 DGB Annual Issuance Target: 65 DKK bn (2026) · Source: Danish Central Bank
- DGB 2026 YTD Issuance Progress: 62.9 % (2026 YTD)
- 3M EUR/DKK Implied FX-Hedge Pickup: 41.9 bps p.a. (August 2026)
- 10Y DGB FX-Hedged Excess Yield vs Germany: 23.8 bps (August 2026)
- DGB'28 Spread vs German Curve: -24.4 bps (August 2026)
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