OECD Sovereign Borrowing Outlook 2023

Annex B. OECD 2022 Survey on Liquidity in Government Bond Secondary Markets

Abstract

This annex belongs to the OECD Sovereign Borrowing Outlook 2022.

Thirty-seven of the 38 OECD countries responded to this survey.

Countries which responded to the survey but did not provide comments to a question may not appear in the table of answers. The requested date for a response to the survey was 10 October 2022.

Source: 2022 Survey on Liquidity in Secondary Government Bond Markets by the OECD Working Party on Debt Management.

Table A B.1. Q2 Do you believe it is necessary/important to maintain certain volumes in specific maturity segments in your country?

	Answer	Comments
Australia	Yes	The focus is on the free-float i.e. gross outstanding in any given line less what the RBA owns (by virtue of QE operations). While far from an exact science, our experience suggests that circa 20bn is generally consistent with good depth and liquidity (less in longer maturities >12years
Austria	Yes	We are of the opinion that a certain minimum size in the main benchmark bonds is important in order to support secondary market liquidity.
Belgium	Yes	In order to create and maintain a sufficiently liquid full curve, volumes issued in all lines should reach sufficient levels.
Brazil	Yes	We do not have an exact figure on the minimum volume, but our strategies seek to ensure that each line have a considerable amount so that the securities have relevant liquidity in the market.
Bulgaria	Yes	It is important to maintain a highly standardized benchmark yield curve across all maturity segments.
Canada	Yes	In order to maintain well-functioning markets, the Government maintains certain minimum levels of issuance across maturities. Benchmark size ranges for each sector are announced in the annual Debt Management Strategy. For fiscal year 2022-23, benchmarks will be lower in most sectors relative to fiscal year 2021-22, reflecting the decreased overall issuance in bonds. Due to much higher issuance levels in core sectors as well as the strategy to term out COVID related debt by locking in longer maturity bonds at historically low rates, the benchmark bond target ranges were increased in fiscal year 2021-22. For fiscal year 2022-2023, these benchmark size ranges are (as per Table A2.5): Annex 2: Debt Management Strategy | Budget 2022 2Y: CAD 16 Billion to CAD 20 Billion for February, May, August, and November maturity dates 3Y: CAD 10 Billion to CAD 14 Billion for April and October maturity dates 5Y: CAD 16 Billion to CAD 20 Billion for March and September maturity dates 10Y: CAD 18 Billion to CAD 32 Billion for June and December maturity dates 30Y: CAD 25 Billion to CAD 40 Billion for December maturity dates RRB: CAD 8 Billion to CAD 12 Billion for December maturity dates (including inflation adjustments)
Chile	Yes	Our debt management strategy relies strongly on the existence of high liquid benchmarks, for which it is necessary to have important volumes in each specific benchmark
Colombia	Yes	It is important to maintain high volumes in the middle and long part of the curve to reduce the risk of refinancing.
Costa Rica	Yes	Benchmark: 3, 5 7 and 10 years. United States dollars (USD) 160 million for CRC zero coupon bonds, United States dollars (USD) 1.100 million for CRC fixed rate, United States dollars (USD) 800 floating and United States dollars (USD) 1.300 for indexed rate bonds. The Ministry of Finance of Costa Rica maintains volumes in certain segments or focal dates allows better price formation, which impacts the liquidity of the issues, allowing the placement of debt in better conditions.
Croatia	Yes
Czech Republic	Yes	The Ministry of Finance tries to keep the sufficient outstanding amounts of treasury bonds along the whole yield curve so market participants may benefit from the market liquidity.
Denmark	Yes
Estonia	No
Finland	Yes
France	Yes	It is important for us to maintain large volumes on all segments of our market. Nonetheless, we are demand-driven and would lower volumes issued if demand was weak on a particular segment. Our auction system (bill auction every week, long term nominal bonds, medium term nominal bond and inflation-linked bond every month) makes it easy to issue on every segment
Germany	Yes
Greece	Yes
Hungary	Yes	We have regular and frequent benchmark auctions with maturities from 3 months up to 20 years. In 2021 we have introduced a new 30-year Green Bond, which is also auctioned regularly (quarterly). Issuing at several maturities ensures us a balanced maturity profile. Bond series are reopened several times, which helps to build up sufficiently large volumes. The targeted sizes are usually around USD 3 billion equivalent, the largest bond series are close to USD 4 billion equivalent. Issuing the appropriate volume creates the opportunity for the given series to be included in, for example, the GBI index, which - in line with the issuer's goal - can further increase the liquidity of the bond
Iceland	Yes	It’s very important to maintain liquidity in most segments on both our nominal and inflation-indexed curves, especially in 2, 5 and 10 years lines with regular issuance. A certain pre-announced minimum size in benchmark series is important to support secondary market liquidity.
Ireland	Yes	It is important to maintain liquidity throughout the curve. In general, the 5yr and 10yr and increasingly the 15 and 30 year points are viewed as key maturity segments and are usually the most active.
Israel	Yes	One of our primary focuses is on maintaining certain liquidity levels that support tradability, and vice versa. While this is also a key goal for the primary dealership model, due to market conditions and structure, some segments are known to be less liquid. Primary dealers are obligated to quote bonds in both New Israeli Shekel (NIS) denominated Consumer Price Index linked bonds and nominal bonds, including On-the-run bonds. Most bonds are quoted with a maximum spread of 3-4 bps, except for the 10 years On-the-run bond, which is quoted with a maximum spread of 2 bps.
Italy	Yes	This is a key pillar that we have in mind in defining our issuance strategy. For each instrument and maturity we set a minimum outstanding volume to be issued before launching a new bond. Having an outstanding large enough for each bond is extremely important in order to guarantee a sufficient liquidity of the bond on the secondary market.
Japan	No	A breakdown of the JGB market issuance by maturity is determined with market needs and trends taken into account, covering a wide range of maturities from the short term to the super long term, based on government debt management policy requirements.
Korea	Yes	10 year maturity (benchmark)
Republic of Latvia	Yes	Liquidity is important element regardless of maturity segment and is beneficiary for both primary and secondary market.
Lithuania	Yes	It is important to issue regularly at the longer end – 7-12 years, to ensure liquidity of the bonds. Volumes are not particularly important as longs as the issuance is regular.
Luxembourg	Yes
Mexico (Local)	Yes	On the run bonds, are fundamental for portfolio duration management and for market makers to provide enough liquidity to the secondary market. This allows the correct development for local and foreign investors. - Duration management is important to give flexibility to investors due to perspectives on market conditions or to specific investment objectives. - For on the run bonds new issuances, we attempt to have an outstanding value of at least 5 billion dollars. The time to reach the 5 billion dollars outstanding in the short-term bonds is a year, for middle and long term is between 2 - 3 years.
Mexico (External)	Yes	This is an aspect to which the Federal Government gives a lot of attention regarding its foreign denominated bonds. It’s absolutely very important for bonds at specific tenors to comply with all the necessary characteristics in order to be consider as real benchmarks and size is one critical characteristic as it relates directly to liquidity (size it also a very important criteria for bonds to be included in global indexes which also enhance the instrument’s liquidity). Here I’s important to mention that bonds are consider as liquid benchmarks depending on the market where they are issued; for example, in the US dollar market Mexico’s typical benchmarks are 10 and 30 years for notional amounts of at least 2 billion while in the euro market most typical benchmarks are 7 years (a notional amount of 750 million its more than enough) and 10, 12 and even 20 years (for these tenors in euros Mexico considers at least 1 billion as the proper benchmark size). As a sovereign issuer Mexico has the responsibility to establish true benchmarks in international financial markets as this will both enhance and facilitate the price discovery process of other Mexican issuers (either from the private or public sector).
Netherlands	Yes	All bonds up to and including 10 years have a target of around 12 billion when issued. The commitment for bonds <10 years when issued is usually to get to the target within 12 to 18 months from first issuance. Our 10 year benchmark bond has the same target volume but a commitment to get it to the target volume within the calendar year. Longer than 10 year have a target volume of at least 10 billion but no commitment as to when have to get to that number.
New Zealand	Yes	We target quickly building volume in newly syndicated ‘benchmark’ 5-year, 10-year and 30-year lines to a minimum of circa NZD 4b, in order to promote liquidity in these lines that we see as important points on the curve for offshore investors. We have a ‘cap’ on individual nominal and inflation-indexed bond lines of NZ$18b and NZ$10b respectively. These caps are designed to balance the need for liquidity in each line against building out a full New Zealand Government Bond (NZGB) curve and mitigating refinancing risk.
Norway	Yes	Norway has a policy of limiting the number of bond lines in order to build up the volume in existing lines to ensure liquidity. We issue a new 10- year bond every year in order to maintain the yield curve up to 10 years. The policy is to build the new 10-year bond up to a volume that constitutes nearly half of the borrowing requirement in each year. There is however large uncertainty about which volumes are necessary to reach satisfying liquidity in the specific segments.
Poland	Yes	In order to enhance market liquidity it is important to build large issues of benchmark bonds. In case of medium- and long-term domestic fixed rate bonds the desired amount outstanding is at least PLN 25bn (about USD 5.5bn).
Portugal	Yes	We believe it is important to maintain good levels of liquidity in all segments of our curve, in particular in 5y and 10y buckets. In those segments (5y and 10y), it is important to have at least an outstanding amount of USD 5 bln per bond. In steady state, we believe that the outstanding volume per bond should hover USD 10 bln.
Romania	Yes	In the current conditions our strategy favors medium to long maturities (4 years to 10 years), while related to volume we target an equivalent in local currency of EUR 2.5 billion per line.
Slovak Republic	Yes	We have goals stemming from the Debt Management Strategy that require us to meet refinancing and refixing risk criteria. It is up to DMO what mix of maturities will lead to fulfilling this criteria. We have to issue what market wants and what is risk and cost efficient within the Strategy boundaries.
Slovenia	No	In the past Slovenia tended to issue “smaller” sizes of bonds in comparison to other Eurozone countries (around EUR 1bn). For the past couple of years or so the policy has been to tap existing EUR bonds and thus increasing their original issue size up to EUR 3bn. For the Republic of Slovenia, as a smaller issuer, is therefore liquidity wise not so necessary/important to maintain certain volumes in specific maturity segments than it is to ensure bigger issue size per bond.
Spain	Yes	We try to maintain liquidity throughout all of the main points of our yield curve. To achieve this, we use benchmark programs, trying to keep liquid benchmarks that represent each of the main points of our yield curve, such as the 5, 10, 15, 20, 30 and 50 year points. To achieve this, we maintain try to reach a volume of approximately 20 billion outstanding for each of these reference points, so that they have sufficient liquidity. As time goes by and these benchmarks no longer correctly represent the intended maturity segment, or they reach the goal of approximately 20 billion outstanding, they are replaced with a new benchmark
Sweden
Switzerland	Yes	In our view, it is important to cover maturities of 1 to 13 years with liquid T-bonds. Additionally in the case of longer maturities, intermittent anchor points with individual bonds may complete the government yield curve. The yields on T-bonds constitute a key benchmark and therefore help to ensure an attractive and efficient Swiss capital market that functions well. As the Federal treasury finances itself exclusively via the domestic market, an efficient market is important to ensure beneficial financing conditions for the government. We are aiming for a maximum volume at maturity of around CHF 4 billion. This helps us to ensure that our relatively small capital market debt volume (around USD 70 billion; less than 10% of Swiss GDP) is somewhat evenly distributed among the individual bonds.
Türkiye	Yes	It is important to maintain a certain amount of liquidity for 2, 5 and 10 years benchmark bonds in order to meet the different duration needs of the investors as well as to form a solid long-term yield curve that will be treated as a reference rate in bond and money markets.
UK	Yes	Even though there are no specific volume targets in place, we believe that regular issuance at key benchmark maturities supports more efficient price discovery/price adjustment and, therefore, contributes to smooth functioning of the gilt market. To this end, we focus issuance of conventional (i.e. nominal) gilts particularly at the 5-, 10-, 20- and 30-year benchmark maturities with successive re-openings of relevant bonds until they reach benchmark size. The range of benchmark maturities to be supported and the volumes that are appropriate to target will vary over time according to the overall size of the debt programme and of the debt stock. For nominal gilts at present this is typically up to around £30bn; some lines during the COVID crises we built up to around £40bn. In the case of inflation-linked gilts, issuance takes place particularly at 10-, 20- and 30-year maturities with sizes typically built to around £15 to £20bn. Currently, the longest dated gilts are 1?% Treasury Gilt 2073 (nominal gilt) with approximately £9.7bn nominal in market hands and 0?% Index-linked Treasury Gilt 2073 (inflation-linked gilt), with approximately £3.1bn uplifted nominal in market hands.

Table A B.2. Q3 What has been the overall trend in the liquidity conditions of your domestic sovereign bonds -in terms of bid-ask spread, trading volumes etc.- over the last 12 months?

	Improvement	Decline	No Change	Don’t know	Additional comments (e.g. in particular where liquidity conditions vary from the main trend):
Australia		X			A decline compared to 12 months ago, however, liquidity conditions have remained consistent and have improved a little this calendar year. Elevated volatility continues to be a headwind to a broader recovery in liquidity.
Austria		X			In the first eight months of 2022 (Jan-Aug), we have seen an increase in secondary market turnover in RAGBs (Republic of Austria Government Bonds) vs. the same period in 2021 of around 22%. However, in 2022YTD*, bid-ask spreads have widened significantly compared to the last year. E.g., for the 10-year benchmark bonds the average bid-ask spread (on price basis) is as follows: 2017 16 ct 2018 18 ct 2019 14 ct 2020 26 ct 2021 17 ct 2022* 33 ct *until September 09, 2022
Belgium	X	X			Liquidity conditions have been impacted by the extreme market volatility in 2022. This has in particular and logically led to an increase in bid asks spreads. At the same time, we do see that traded volumes, especially by customers, are on the rise, supported by the scaling down of QE and continued high amounts of issuance.
Brazil	X				Liquidity has increased in the secondary market, and we have seen tighter spreads due to increased primary issuance and greater transparency in trading.
Bulgaria	X				In 2022 were approved new Criteria for the selection of Primary Dealers of Government Securities, which introduced a market-making obligation.
Canada		X			Liquidity has been quite stable across sectors with a slight decline over the last 12 months where bid ask spreads have slightly increased.
Chile			X		During 2021, there were Congress initiatives that allowed people to withdraw resources from the pension accounts, which are fully private. This had an effect on the market, mainly because the pension funds had less money to invest, with its impact on treasury securities’ demand. During the last months, this situation has changed and now pension managers receive positive net flows, which allow them to participate actively in the local market. But the depth of the market is worse compared to previous years.
Colombia		X			The liquidity conditions have declined due to the high volatility of the local and external markets and the impact of global inflation and hikes of interest rates in most of the countries.
Costa Rica					The traded volume of government bonds in the secondary market is decreased in more than 50%. The lower volume traded in the secondary market is the result of the volatility in the international financial markets due to the increase in interest rates, inflation and movements in the exchange rate.
Croatia		X
Czech Republic	X				In the last 12 months, the Ministry of Finance recorded on the secondary market higher demand for domestic government bonds, as well as higher market volatility in the form of higher bid-ask spreads (mainly at the beginning of March).
Denmark		X			Slight decline in liquidity conditions with a widening in bid/ask spreads. The main reason is spill-over from the domestic covered bond market and global volatility.
Estonia			X		Securities issuance was set up only in 2019 when Treasury Bills were first introduced. In 2020, Estonia issued a Eurobond (EUR 1.5 billion), which has been rather illiquid in the secondary market. There is no regular issuance calendar in place.
Finland		X
France			X		The war in Ukraine has initiated the rise of inflation. The central banks have increased their rates since june 2022. The impact was tension on credit supply. But on the last 12 months, the turnover on the secondary cash market is stable as the bid-ask spread on average
Germany		X			Liquidity conditions in German Federal securities remain good. Bid offer spreads have widened, clip sizes seem reduced. Overall turnover remains strong.
Greece			X
Hungary		X			In order to decrease the market yield's volatility the DMO decided to increase the maximum bid-ask spread of PDs’ mandatory price quotation obligation. Based on the experience of the past months, this was an effective step, the quality of the price quotation improved.
Iceland			X		Bid–ask spread and average ticket size have remained on average stable in recent years. Secondary market turnover is similar over the last two 12 month periods.
Ireland		X			Volumes have been marginally lower, bid-ask spreads are stable
Israel		X			Higher bid-ask spreads and lower trading volumes since January 2022.
Italy		X			While in the first half of 2021 the liquidity conditions have remained quite stable, starting from June 2021 the liquidity levels have started worsening, also due to the uncertainty triggered by the inflation forecasts and the consequent actions taken by the European Central Bank to handle inflation. After the announcement in the ECB meeting held on December 2021 of the end of the PEPP Program in March 2022 and the progressive slowdown of the path of APP Program, the market has experienced an increase in volatility and a concurrent worsening of liquidity conditions. This trend has continued over the first half of 2022 and has exacerbated in the last months. During 2021 the stability of liquidity conditions has been followed by an increase in the trading volumes compared to 2020. While in the first quarter, despite the increase in market volatility the volumes traded on the main interdealer platform (MTS Italy) has remained quite stable, starting from the second quarter, the deterioration in liquidity levels has been confirmed by a slight decrease of the volumes traded
Japan			X
Korea			X
Republic of Latvia	X	X			We have mentioned both answered – improved in turnover and declined in liquidity through wider bid-ask-spreads. Because of Russia invasion of Ukraine changed the overall environment. But in the same time an active reopening of outstanding Eurobonds via Primary Dealer system in auctions in the domestic market has positively affected the trading volumes (increased turnover) in the secondary market in spite of volatile markets and big uncertainty in the markets. Due to geopolitical aspects bid-ask spread has increased for several bonds.
Lithuania		X			Because of the geopolitical risks and the end of the PSPP, the bid-ask spread increased significantly, trading volumes fell.
Luxembourg				X
Mexico (Local)	X				The Federal Government has witnessed a reduction in the bid/ask spread and an increase in volume, in addition to an increase of sensibility (DV01) in long tenors.
Netherlands		X			Bid-ask spreads have trended higher. Quotation scores for primary dealers have decreased significantly. Overall trading volumes are more stable according to data from the secondary market reporting by our primary dealers
New Zealand		X			The bid-ask spread generally increased since mid of 2022.
Norway		X			We use a liquidity index to monitor liquidity in the secondary market for government bond. The index is a composite of four indicators that are primarily price-based measures. The index shows signs that liquidity has declined through 2022.
Poland		X			Average bid-ask spread of the total secondary bond market increased by around 20% in the first quarter of 2022 compared to the fourth quarter of 2021 and since then the spread has been remaining at the stable level. Trading volumes reached its peak in January 2022 and decreased drastically in the consecutive months due to market volatility mainly resulted from Russia’s war of aggression against Ukraine. Data from electronic market for secondary trading.
Portugal		X			The increase in inflation and economic weakening due to the energy crises that started by the end of 2021 and the Ukrainian war led to an increase in bid-ask spreads in the last 12 months. The spreads were particularly acute at the start of the war and in the last 3 months due to Central Banks action to fight inflation. Volumes have been decreasing over the past 12 months due to the same reasons, particularly in dealer-to-dealer platforms
Romania		X
Slovak Republic			X		Slightly higher volume on MTS but overall no significant changes in trends
Slovenia		X			In the second half of the year 2021 the bid-ask spread remained low and stable in comparison to Covid-19 crisis period. In the last 6 months (Jan-Jun 2022) the bid-ask spread started to widen due to war in Ukraine and resulting economic and geopolitical risks. Correspondingly trading volumes started to decrease.
Spain		X			We have seen a worsening of liquidity in the Spanish Public Debt market, which has been in line with the trend experiences by other European Government Bond sovereign issuers. There are multiple reasons for this decline in liquidity, among which we can highlight three: One of the main reasons is the increase in volatility, which makes Primary Dealers less willing to provide the same level of liquidity that they did in 2020 and 2021. Another reason is the change in monetary policy by large central banks. As interest rates rise and the net asset purchase programs of the large central banks are ended, this affects financial markets, changing the market context that has been in place for over 10 years. We don’t believe that this change will have lasting effects on liquidity, but as market agents transition from one market context to the next, liquidity conditions could worsen as market participants adapt to the new context. Yet another reason is the uncertainty in the global macroeconomic and geopolitical context. The war in Ukraine, the possible gas supply shortages and many other risks in the global economy bring more uncertainty, and therefore less liquidity.
Sweden		X
Switzerland			X		Over the last 12 months, liquidity conditions of our bonds did not change significantly. As issuance activity was still elevated compared to pre-pandemic times, our sovereign bonds were traded slightly more often than in the years before the pandemic (as measured by turnover). The higher issuance volume of the Swiss Confederation still was mainly caused by the elevated financing needs of the Confederation’s Covid-19 measures. Over the last few months, bid-ask spreads widened slightly, most of all in longer-dated bonds. This might be explained by a tighter (more negative) spread to swap at auctions in this timeframe and a large percentage of buy-and-hold investors in this market segment.
Türkiye	X				Domestic bond trading volumes in the last 12 month-period (September 2021-August 2022) in Borsa Istanbul’s organized Outright Purchases and Sales Market showed an increasing trend compared with the previous period. Monthly average trading volume reached to 3.6 billion USD (3.1 billion USD in the previous period) with a daily average trading volume of 177 million USD (150 million USD in the previous 12 month-period). In terms of TRY, monthly average trading volume doubled compared with the previous period and reached to 50 billion TRY in the September 2021-August 2022 period.
UK		X			Data available to us suggest that bid offer spreads of both 10-year and 30-year gilts have widened over the last 12 months; moreover, the trading range in 2022 has been more volatile compared to that in 2021. Secondary market trading volumes (13-week average) in conventional gilts (as reported by primary dealers) have ranged between around £150bn and £180bn a week for the bulk of the past two years. However, over the past three months, volumes have fallen to circa £130bn (, which is slightly higher than the turnover observed in the summer months of 2019, in which there was no expansion of quantitative easing (QE) from the Bank of England (in contrast with the summers of 2020 and 2021). Index-linked gilt turnover (13 weeks average) spiked in the December 2021 to July 2022 period to between £27bn and £33bn a week from between £22bn and £26bn in the first 11 months of 2021. However, in August and September 2022, turnover has retracted to around £24bn.

Table A B.3. Q4 What factor affected liquidity in the prior twelve months (backward looking) and what the impact of those factors is expected to be over the next twelve months (forward looking)?

Table 1/4

Country	COVID-19 pandemic				Monetary policy developments				Macroeconomic uncertainties (e.g., inflation)
	Last 12 months	Impact direction	Next 12 months	Impact direction	Last 12 months	Impact direction	Next 12 months	Impact direction	Last 12 months	Impact direction	Next 12 months	Impact direction
Australia	X	Mixed	X	Mixed	X	Mixed	X	Mixed	X	Negative	X	Negative
Austria					X	Mixed	X	Negative	X	Negative	X	Negative
Belgium					X	Mixed	X	Mixed	X	Negative	X	Mixed
Brazil	X	Positive			X	Positive	X	Positive			X	Mixed
Bulgaria	X	Mixed	X	Positive					X	Negative	X	Mixed
Canada	X	Negative	X	Negative			X	Negative	X	Mixed	X	Mixed
Chile					X	Negative	X	Mixed	X	Mixed
Colombia	X	Negative			X	Negative	X	Negative	X	Negative	X	Negative
Costa Rica	X	Negative			X	Negative	X	Negative	X	Negative	X	Negative
Croatia	X	Negative	X	Negative	X	Negative	X	Negative	X	Negative	X	Negative
Czech Republic					X	Mixed	X	Mixed	X	Negative	X	Negative
Denmark									X	Negative
Estonia
Finland
France					X	Mixed	X	Mixed	X	Negative	X	Negative
Germany					X	Mixed	X	Negative	X	Negative	X	Negative
Greece	X				X		X		X		X
Hungary	X	Negative			X	Negative	X	Mixed	X	Negative	X	Negative
Iceland
Ireland	X				X		X		X		X
Israel	X	Negative			X	Negative	X	Negative	X	Negative	X	Negative
Italy	X		X		X		X		X		X
Japan
Korea							X	Mixed			X	Mixed
Republic of Latvia	X	Mixed	X	Mixed	X	Mixed	X	Mixed	X	Negative	X	Negative
Lithuania					X	Mixed	X	Mixed	X	Negative	X	Negative
Luxembourg
Mexico (Local)	X	Negative			X	Positive	X	Negative	X	Negative	X	Negative
Netherlands					X	Mixed	X	Mixed	X	Negative	X	Negative
New Zealand					X	Mixed	X	Mixed	X	Negative	X	Negative
Norway	X	Negative			X	Negative	X	Negative	X	Negative	X	Negative
Poland	X	Negative			X	Mixed	X	Mixed	X	Negative	X	Negative
Portugal	X	Negative			X	Negative	X	Negative	X	Negative	X	Negative
Romania	X	Negative			X	Negative	X	Mixed	X	Negative	X	Negative
Slovak Republic					X	Negative	X	Negative	X	Negative	X	Negative
Slovenia					X	Negative	X		X	Negative	X
Spain					X	Negative	X	Negative	X	Negative	X	Negative
Sweden	X				X		X		X		X
Switzerland	X	Positive			X	Positive	X	Positive	X	Mixed	X	Mixed
Türkiye	X	Negative			X	Mixed	X	Mixed	X	Negative	X	Negative
UK	X	Negative			X	Mixed	X	Negative	X	Mixed	X	Negative

Table A B.4. Q4 What factor affected liquidity in the prior twelve months (backward looking) and what the impact of those factors is expected to be over the next twelve months (forward looking)?

Table 2/4

	Geopolitical risks				Political risks (e.g. elections, government change)				Issuance strategies				Design of borrowing instruments
Country	Last 12 months	Impact direction	Next 12 months	Impact direction	Last 12 months	Impact direction	Next 12 months	Impact direction	Last 12 months	Impact direction	Next 12 months	Impact direction	Last 12 months	Impact direction	Next 12 months	Impact direction
Australia	X	Negative	X	Negative					X	Mixed	X	Mixed
Austria
Belgium	X	Mixed	X	Mixed					X	Positive	X	Positive
Brazil			X	Mixed			X	Mixed	X	Negative	X	Mixed	X	Positive	X	Positive
Bulgaria	X	Mixed	X	Negative	X	Negative	X	Negative	X	Positive	X	Positive	X	Mixed	X	Mixed
Canada	X	Negative	X	Negative
Chile
Colombia
Costa Rica	X	Negative	X	Negative					X	Positive	X	Positive	X	Positive	X	Positive
Croatia	X	Negative	X	Negative							X	Negative
Czech Republic	X	Negative	X	Negative
Denmark	X	Negative
Estonia
Finland	X	Negative	X	Negative
France	X	Negative	X	Negative
Germany	X	Negative	X	Negative	X	Negative			X	Positive			X	Positive	X	Positive
Greece	X		X
Hungary	X	Negative	X	Negative	X	Mixed	X	Mixed			X	Mixed
Iceland
Ireland	X		X
Israel	X	Mixed			X	Negative	X	Negative	X	Mixed	X	Mixed
Italy	X		X		X		X
Japan
Korea
Republic of Latvia	X	Negative	X	Negative			X	Mixed	X	Positive	X	Positive	X	Mixed	X	Mixed
Lithuania	X	Negative	X	Negative
Luxembourg
Mexico (Local)	X	Negative	X	Negative			X	Negative	X	Positive	X	Positive
Netherlands	X	Negative	X	Mixed					X	Mixed	X	Mixed
New Zealand	X	Negative							X	Positive
Norway	X	Negative	X	Negative					X	Mixed	X	Mixed
Poland	X	Negative	X	Negative			X	Mixed
Portugal	X	Negative	X	Negative					X	Negative	X	Positive
Romania	X	Mixed	X	Negative
Slovak Republic	X	Negative	X	Negative			X	Mixed	X	Positive	X	Positive
Slovenia	X	Negative	X
Spain	X	Negative	X	Negative			X	Negative
Sweden	X
Switzerland	X	Mixed	X	Mixed
Türkiye	X	Negative	X	Negative			X	Mixed	X	Mixed	X	Mixed			X	Positive
UK									X		X

Table A B.5. Q4 What factor affected liquidity in the prior twelve months (backward looking) and what the impact of those factors is expected to be over the next twelve months (forward looking)?

Table 3/4

	Market microstructure (e.g. electronic trading)				New regulations				Changes in investor base				Changes in investor sentiment
Country	Last 12 months	Impact direction	Next 12 months	Impact direction	Last 12 months	Impact direction	Next 12 months	Impact direction	Last 12 months	Impact direction	Next 12 months	Impact direction	Last 12 months	Impact direction	Next 12 months	Impact direction
Australia	X	Positive	X	Positive					X	Mixed	X	Mixed	X	Mixed	X	Mixed
Austria									X	Mixed	X	Positive	X	Mixed	X	Mixed
Belgium
Brazil	X	Positive	X	Positive							X	Positive			X	Positive
Bulgaria	X	Positive	X	Positive	X	Positive	X	Positive	X	Mixed	X	Mixed	X	Mixed	X	Mixed
Canada
Chile
Colombia															X	Mixed
Costa Rica											X	Positive	X	Positive	X	Mixed
Croatia
Czech Republic
Denmark
Estonia
Finland
France									X	Mixed	X	Mixed	X	Mixed	X	Mixed
Germany									X	Mixed	X	Mixed	X	Mixed	X	Mixed
Greece							X				X				X
Hungary									X	Mixed	X	Mixed	X	Mixed
Iceland
Ireland
Israel													X	Negative	X	Negative
Italy	X		X										X		X
Japan
Korea
Republic of Latvia							X	Mixed			X		X	Negative	X	Mixed
Lithuania													X	Negative
Luxembourg
Mexico (Local)									X	Positive	X	Positive	X	Positive	X	Negative
Netherlands	X	Negative	X	Mixed									X	Mixed	X	Mixed
New Zealand													X	Negative	X	Mixed
Norway							X	Negative
Poland									X	Mixed	X	Mixed	X	Negative	X	Negative
Portugal											X	Negative	X	Negative	X	Negative
Romania									X	Mixed	X	Mixed	X	Mixed	X	Mixed
Slovak Republic
Slovenia
Spain													X	Mixed	X	Mixed
Sweden	X		X		X		X		X		X
Switzerland													X	Positive	X	Positive
Türkiye													X	Mixed	X	Mixed
UK	X	Positive	X	Positive	X		X		X		X		X		X

Table A B.6. Q4 What factor affected liquidity in the prior twelve months (backward looking) and what the impact of those factors is expected to be over the next twelve months (forward looking)?

Table 4/4

	Other Factors:
Country	Especify (i)	Last 12 months	Impact direction	Next 12 months	Impact direction	Especify (ii)	Last 12 months	Impact direction	Next 12 months	Impact direction	Especify (iii)	Last 12 months	Impact direction	Next 12 months	Impact direction
Australia
Austria
Belgium
Brazil
Bulgaria
Canada
Chile
Colombia
Costa Rica	Increase interest rates	X	Negative	X	Negative	Exchange volatility	X	Negative	X	Negative
Croatia
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Iceland
Ireland
Israel
Italy
Japan
Korea
Republic of Latvia
Lithuania
Luxembourg
Mexico (Local)
Netherlands
New Zealand
Norway
Poland
Portugal
Romania
Slovak Republic
Slovenia
Spain
Sweden
Switzerland
Türkiye
UK

Table A B.7. Q5 In your view, which aspects of market liquidity might be impacted by monetary policy quantitative tightening (QT)?

Country	PDs’ market-making capacity	Investor base	Risk appetite	Fire-sale risk in securities markets	Breakdown of demand along bond lines	Investor behavior	Other (i)	(i) please specify:
Australia	X	X	X		X	X
Austria	X	X
Belgium				X		X
Brazil		X	X			X
Bulgaria	X		X		X		X	ECB's monetary policy transmission mechanism has indirect impact due to the fact that the Republic of Bulgaria is in a Currency board regime.
Canada	X		X
Chile					X	X
Colombia			X
Costa Rica			X
Croatia		X	X		X	X
Czech Republic
Denmark		X	X
Estonia			X			X
Finland		X
France		X	X			X
Germany			X
Greece	X	X	X		X	X
Hungary		X	X		X
Iceland							X	QE has been very limited in scope in Iceland. Thus, QT will not have much impact.
Ireland	X	X		X
Israel	X		X			X
Italy	X	X	X		X
Japan						X
Korea	X					X
Republic of Latvia	X	X	X		X	X
Lithuania	X		X	X	X	X
Luxembourg		X				X
Mexico (Local)			X
Mexico (External)
Netherlands	X	X	X			X
New Zealand	X		X			X
Norway	X		X			X
Poland	X	X	X			X
Portugal	X	X	X		X	X
Romania		X	X			X
Slovak Republic		X	X	X
Slovenia	X		X		X
Spain		X	X			X
Sweden	X				X	X
Switzerland		X	X			X
Türkiye			X			X
UK	X	X	X			X

Table A B.8. Q6 What is your observation in terms of the practice of the following advances in FinTech in your government bond markets?

Country	Electronic trading platforms				High-frequency trading				Algorithm trading				Robo-advisors				Blockchain/distributed ledger				Other (i)				(i) please specify:
	To a great extent	To some extent	To a small extent	Not at all	To a great extent	To some extent	To a small extent	Not at all	To a great extent	To some extent	To a small extent	Not at all	To a great extent	To some extent	To a small extent	Not at all	To a great extent	To some extent	To a small extent	Not at all	To a great extent	To some extent	To a small extent	Not at all
Australia		X				X				X						X				X
Austria		X				X				X					X			X
Belgium	X						X			X						X				X
Brazil		X					X				X				X					X
Bulgaria	X							X				X				X				X
Canada	X					X				X						X				X
Chile		X					X				X				X				X
Colombia
Costa Rica				X				X				X				X				X
Croatia		X				X
Czech Republic				X				X				X				X				X
Denmark	X						X				X					X				X
Estonia		X						X				X				X				X
Finland
France		X				X			X							X				X
Germany	X							X		X						X				X
Greece		X				X					X				X				X
Hungary		X						X				X				X				X
Iceland			X					X				X				X				X
Ireland		X
Israel		X					X				X				X				X
Italy	X					X				X					X					X
Japan
Korea				X				X				X				X				X
Republic of Latvia																									domestic market is quite limited in scope, and we have not observed particular advance in FinTech so far
Lithuania		X					X				X					X			X
Luxembourg
Mexico (Local)			X				X					X				X				X
Netherlands	X							X	X							X				X
New Zealand	X							X				X				X				X
Norway
Poland	X				X
Portugal	X							X		X						X				X
Romania	X						X	X			X				X				X
Slovak Republic		X						X				X				X				X
Slovenia		X						X				X				X				X
Spain	X					X				X										X
Sweden				X				X				X				X				X
Switzerland	X
Türkiye	X						X				X					X				X
UK		X				X				X										X

Table A B.9. Q7 Have you observed changes in liquidity conditions of your foreign bonds (if any) over the last 12 months?

Country	Improvement	Decline	No change	Don’t know	Not applicable (e.g. no foreign bonds)	Additional comments (e.g. where liquidity conditions vary from the main trend):
Australia					X
Austria			X			Liquidity in our foreign currency issues under the Euro Medium Term Note (EMTN) programme has always been relatively limited. We have not received any indications that this has changed.
Belgium			X			We do not impose quoting obligations on our foreign currency bonds and do not track liquidity conditions.
Brazil		X				Liquidity has declined, especially in the long end of the curve, in line with the more risk averse global environment.
Bulgaria	X					On 15 September the Ministry of Finance placed on the international capital markets EUR-denominated bonds in two tranches totaling EUR 2.25 billion. The first tranche is a 7-year tranche with an amount of EUR 1.5 billion and a coupon of 4.125%. The second tranche has a tenor of 12 years, its amount is EUR 0.75 billion and its coupon is 4.625%.
Canada		X				Because of overarching market volatility and uncertainties, liquidity in foreign bond markets has also seen a slight decline.
Chile			X
Colombia		X
Costa Rica	X					The volume of foreign bonds traded in the domestic market increased up to three times.
Croatia		X
Czech Republic			X
Denmark			X			Only one short dated foreign bond outstanding so not really possible to infer any changes.
Estonia					X
Finland			X
France					X
Germany					X
Greece					X
Hungary			X			These bonds are rather illiquid.
Iceland
Ireland					X
Israel			X
Italy		X				Due to the raising rate environment in the US, we noticed a decline of secondary transactions regarding our Global bonds in USD. However, the Italian Treasury is committed to support liquidity in the secondary market also suppling the market with new bond emissions or reopening current bonds with tap syndications
Japan					X
Korea				X
Republic of Latvia	X	X				We have mentioned both answers – improved and declined, because of Russia invasion of Ukraine changed the overall environment from February 2022. Regular reopenings of outstanding Eurobonds (under English law) via Primary Dealer system in auctions in the domestic market has positively affected the trading in the secondary market. As well as larger borrowing needs enabled us to issue larger volumes in syndication in 2021, thus helping liquidity in secondary market. But after February 2022 situation changed in terms of ticket size volumes and bid-ask spread widening.
Lithuania		X
Luxembourg					X
Mexico (Local)		X				From September 14th, 2021 to September 14th, 2022 Mexico’s foreign denominated bonds have shown a worsening in liquidity (measured through the difference in their bid/ask prices). During that period, US dollar denominated benchmarks (5, 10, and 30-year bonds) worsened their average liquidity from 0.52 to 0.67 while euro denominated benchmarks (5, 10, and 30-year bond) worsened their average liquidity from 0.66 to 0.82.
Netherlands					X
New Zealand					X
Norway					X
Poland			X
Portugal			X
Romania		X				Due to high level of the financing needs, the primary market we attracted significant volumes with the impact in the reduced liquidity on the secondary market.
Slovak Republic		X				Very limited foreign bonds outstanding. No foreign bond are being traded on MTS. These issues are smaller mostly in hands of buy and hold investors. We have very limited information about liquidity of these bonds.
Slovenia			X
Spain			X			Our bonds with a foreign currency denomination are a marginal element of our outstanding debt portfolio, and do not play a significant role in the Spanish Treasury’s current DMO strategy.
Sweden				X
Switzerland					X	All our bonds are denominated in Swiss franc, we do not have any foreign bonds.
Türkiye	X					Trading volume of USD or EUR denominated Eurobonds (issued by Ministry of Treasury and Finance of Türkiye) that are traded in Borsa Istanbul increased in the last 12 month-period (September 2021-August 2022). Monthly average volume reached to 24 million USD (from 21 million USD in the previous period).
UK					X	The UK DMO issues only sterling denominated bonds

Table A B.10. Q8 Have you observed changes in liquidity conditions of bond related derivate and repo markets over the last 12 months?

Country	Improvement	Decline	No change	Don’t know	Not applicable (e.g. no foreign bonds)	Additional comments (e.g. where liquidity conditions vary from the main trend):
Australia		X				Low free float in some front-end Treasury Bonds has contributed to a general decline in the liquidity of the 3 year Treasury Bond futures contract (physical bonds trading expensive to the futures contract has sidelined some participants reducing turnover/liquidity/depth). This has begun to recover but remains below normal.
Austria			X			We have not observed any larger changes regarding the liquidity conditions over the past 12 months.
Belgium		X				Repo’s became extremely expensive in August-September when there was fear of a shortage of supply of short dated government securities in EUR. The situation has improved since.
Brazil	X					We have seen an improvement in terms of liquidity in the IPCA Coupon Futures Contract (DAP), a derivative traded at B3, that works as a hedge instrument for NTN-Bs.
Bulgaria	X					The government securities repo market is a natural complement to the interbank bond market. The Bulgarian National Bank is very limited in its actions as it is a lender of last resort. The repo market has a major role in the domestic market, as Republic of Bulgaria is in currency board regime.
Canada		X				Same as above.
Chile					X
Colombia		X				In Colombia, derivate and repo markets have declined over the past 12 months due to accelerated hikes in lending rates from the central bank which have been increasing from 1.75% to 9.00%, so this behavior has impacted the repo and bond lending markets.
Costa Rica			X			The traded volume of government bonds in the related repo markets increased in 10%.
Croatia					X
Czech Republic			X
Denmark		X				The main derivative market used for Danish government bonds is the german bund futures where some detoriation in liquidity have been observed.
Estonia					X
Finland			X
France		X				The normalization of the credit market combining to an excess liquidity have induced tension on the repo market. The need of collateral had an impact on the liquidity of the short term bond market.
Germany		X				Swap and repo liquidity have been reduced in general. Collateral scarcity is a prominent topic. Squeezes seem to have become somewhat more likely. The future market maintained its pivotal role for the liquidity conditions in the EGB market.
Greece			X
Hungary		X				Repo transaction volumes between the DMO and banks decreased, mainly because both sides’ liquidity position is similar, but the DMO also made some decisions to decrease (or temporarily halt) the repo activity with the market.
Iceland					X
Ireland			X
Israel			X
Italy	X					In the last 12 months repo market has performed efficiently and tensions on GC rates have occurred in combination with the end of the quarter and at the turn of the year. However, the market has experienced a reduction of the collateral – also due to the Purchase Programmes of the ECB (APP and PEPP) – causing a drop of Special repo rates at more negative levels. This trend has been partially offset by the MEF, which with its new repo operation has provided more collateral in the market. During the months, the volume traded in Special repo increased consistently, widely offsetting the slight decrease of those traded in GC.
Japan			X
Korea				X
Republic of Latvia				X
Lithuania				X
Luxembourg					X
Mexico (Local)	X					Comparing the most recent traded volume data with that of a year ago, both the real and nominal government bond curves show an increase in traded volume of 27%. Likewise, the moving averages of the volumes traded on both curves also show an increase over the last year.
Netherlands		X				Repo market for Dutch securities got more expensive after the change in deposit rate in July. Liquidity in the repo market has also gone down as more repo requests come to us as a DMO as compared to previous years.
New Zealand	X					Liquidity in repo market has improved since LSAP purchases ended in July 2021.
Norway				X
Poland	X					Over the last 12 months value of buy-sell-back bond transactions have nearly doubled, while repo transactions remained stable with a slight upward trend. The average monthly value of transaction in this period amounted to ca. PLN 810mn. In August 2021 the value of those transactions was ca. PLN 602mn, while in July 2022 it was almost PLN 1 006mn.
Portugal		X				Some primary dealers have raised concerns on repo market liquidity, mentioning that some bonds and bills have been harder to find (and costlier). Reduced funding needs and lower issuance volumes are the main reasons that primary dealers attribute to the perceived lower liquidity in the repo market.
Romania					X
Slovak Republic				X		We use only CCIRS for foreign currency bonds. We haven’t issued any new foreign currency bonds since 2014 and didn’t have to initiate any new derivatives.
Slovenia			X
Spain		X				We aren’t directly involved in bond derivative or repo markets as the Spanish DMO. However, we are aware that there have been some liquidity problems in the Euro-area repo market, due to collateral scarcity.
Sweden		X
Switzerland				X		There is a sovereign bond futures market (CONF Futures), however due to the lack of involvement in this market we are not aware of any changes in liquidity conditions. We are also not aware of any changes in the share of repo transactions which were collateralized with bonds of the Swiss Confederation.
Türkiye		X				Trading volumes in repo markets has shown a declining trend in the last 12 month-period (September 2021-August 2022). Monthly average trading volume decreased to 83.8 billion USD (from 166.2 billion USD in the previous period).
UK	X					According to Bank of England data (as at end June 2022), liquidity in the sterling repo markets has improved slightly in overnight repo (i.e. where a financial institution sells securities and agrees to buy them back the following day), and remained the same in tomorrow/next day maturities (a transaction that spans two consecutive business days – tomorrow and the following day – that enables traders to roll over their positions).

Table A B.11. Q9 How has the market-making capacity of primary dealers evolved in your market over the last few years?

Country	Increased	Decreased	Stable	Please discuss
Australia		X		The collective market making capacity of intermediaries has probably not matched the growth in the stock of debt securities on issue over recent years. Higher costs of market making may also have triggered some erosion in capacity as well. Intermediaries are generally more vulnerable now to events that trigger bond accumulation on trading balance sheets than in the past. Despite some erosion in capacity, the Australian Government Securities market remains well ‘brokered’.
Austria			X
Belgium			X	The situation seems stable, but market makers have lost an important part of their role in smoothening auction supply to hedge funds. Cf. next question.
Brazil	X			More banks and brokers have shown interest in being a primary dealer. The highlight is the consolidation of the largest groups in the brokers business.
Bulgaria	X			With the introduction of new Criteria for the selection of Primary Dealers of Government Securities in 2022 we practically introduced the market making system in Bulgaria. As of July 1, the primary dealers of government securities must comply with the obligation to maintain firm quotations.
Canada	X			Increase in overall issuance, improved international demand, relative value trading, and overall bigger size of the market has led to the increase in market making capacity of dealers.
Chile				We do not have PD
Colombia			X	Over the last few years the Primary Dealer (PD) program in Colombia has played a vital role in contributing to the successful development of the domestic debt market and has been a helping hand to attract foreign investors.
Costa Rica			X	I´ve been working to development this market in Costa Rica.
Croatia
Czech Republic	X
Denmark		X		Regulation and the cost of capital have led to an increased focus from the primary dealers on where they use the balance sheet. In general this has led to a decline in the balance sheet used from the primary dealers.
Estonia				Estonia has not established a primary dealer system.
Finland		X
France		X		Regulatory reforms have induced balance sheet constraints for some primary dealers.
Germany			X
Greece			X
Hungary			X	These years have been characterized by crises; in difficult times the DMO allowed the PDs to make market on a best efforts basis, with no penalties, and the DMO also widened the obligatory minimum bid-ask spread. These measures have resulted in a rather stable market making performance of PDs.
Iceland			X
Ireland			X
Israel	X			Over the last few years, measures were taken to improve market-making capacity, including benefits to Primary Dealers that provide additional liquidity in the secondary market and more obligations in the Primary Market.
Italy		X		The European regulatory framework introduced after the financial crisis seems to have changed quite significantly the economics of market making activity, with strong repercussions on the underlying liquidity of bonds. Due to capital requirements, for instance, the cost related to bond risk warehousing has risen under different perspectives, reducing de facto their capacity to quote and then trade at tight levels. This trend has brought in some cases dealers to modify their business model or, in some other cases, to put in place strategies aimed at increasing the profitability of market making that in most of the cases have resulted in some reduction of the liquidity of bonds on the secondary market.
Japan			X	Although the bid-ask spread widened temporarily in the beginning of the COVID-19 pandemic, it has remained within a certain range. We recognize that there has been no change in the market-making capacity.
Korea			X
Republic of Latvia	X			As of January 2021 we have a new Primary dealer – Erste – in our PD group. Regular auctions and re-openings of Eurobonds in auctions in domestic market makes it more attractive for investors and for dealers. Increased borrowing levels in domestic market via auctions have positively impacted overall liquidity levels as well (increased turnover in the secondary market).
Lithuania		X		With diminishing liquidity PDs no longer want to keep higher amount of bonds on their books and accept losses
Luxembourg				No Aplicable
Mexico (Local)	X			In 2000, SHCP successfully implemented the market makers program. Since then, the market making capacity of primary dealers has been increasing due to the good structure of the program. In addition, in 2021, some changes were made allowing more institutions to join this program.
Netherlands		X		It is not so much about the last few years but mostly since the start of 2022 that market-making capacity has gone down. Geopolitical risks and monetary policy changes have led to increased volatility which has put b/a-spreads higher. On top of higher b/a-spreads the increased volatility has led to PD’s not being able to quote within the required spread for the required amount of time and as such quotation scores have gone down significantly since the start of 2022.
New Zealand	X			The market making capacity for dealers has either remained the same or slightly improved in the last 12 months. There has been an improvement in the linker market, with Inflation-Indexed Bonds moving to single price auctions.
Norway		X		Higher volatility has increased risks and costs of being a primary dealer.
Poland	X			The market-making capacity of primary dealers has been strengthened by introduction of modern electronic trading platform, software supporting high-frequency quoting and trading and large issues of benchmark bonds enhancing market liquidity. The system of constant evaluation of primary dealers performance, improved communication and quarterly assessments stimulates dealers to better results (see point 11).
Portugal	X			Over the past few years, the market making capacity of primary dealers have been improving. In 2022, there has been a decrease in their capacity due to an increase in bid-ask spreads and a decrease in liquidity, however with higher capacity then in 2018 and 2017
Romania			X	We recorded steady trading volumes on our secondary market electronic trading platform (EBOND) in the last few years.
Slovak Republic			X
Slovenia			X
Spain			X	We have seen some Primary Dealers increase their investment in our market, increasing their market-making capacity in the last few years, but at the same time we have seen others decrease their investment. We believe that this shows that our market remains dynamic and competitive, leading to the success of certain Primary Dealers who are more efficient than others or willing to take on more risk in the current market context.
Sweden		X
Switzerland			X	The Swiss Confederation does not use a PD system for any of its financing activities. We have a stable group of counterparties (banks) which participate in our auctions and trade actively in the secondary market. But we do not have any obligations to them and they receive no compensation from us in return. We did not perceive any fundamental changes in primary or secondary market activity over the last few years.
Türkiye	X			Primary dealer trading in Outright Purchases and Sales Market has increased over the last 12 month-period (September 2021-August 2022). There is an increasing trend in the secondary market trade volume since the beginning of the 2022.
UK			X	During the COVID pandemic, the relaxation of bank capital and liquidity requirements, along with the extra liquidity provided by the Bank of England, enhanced primary dealers’ market making capacity. However, over the last 12 months, the commencement of quantitative tightening (QT) from the Bank of England, the fall in secondary market turnover in conventional gilts and also the increase in market volatility is likely to have increased strain on the market making capacity of primary dealers.

Table A B.12. Q 10, 11

Country	10. Are other market participants playing a bigger role, behaving as “shadow dealers” (e.g., hedge funds, or other type of investors)?		11. Do you have measures in place to motivate/oblige dealers to provide liquidity?
		Please discuss		If yes, please explain which measures are the most effective according to your experience.
Australia		No
Austria	Yes		The trend of very large orders by hedge funds at syndications continues, which also has effects on the secondary market.	Yes
Belgium	Yes		Yes, we see that the “warehousing” role, classically played by market making banks in absorbing auction supply by selling around the auction dates and purchasing in the auctions has been taken over to a large extent by hedge funds.	Yes
Brazil		No	Hedge funds in Brazil often trade curve distortions or make speculative bets. It’s important to highlight, however, that their participation has increased, improving liquidity in Brazil.	Yes
Bulgaria	Yes		Investment intermediaries, trading for their clients are a major market participant in the secondary market of government securities.	Yes
Canada	Yes		Increased participation of hedge funds, particularly on the international side, has been observed over the past few months.	Yes
Chile		No
Colombia	Yes		Foreign investors have played an important role over the last few years, and they have demanded a big part of the auctioned debt.	Yes
Costa Rica		No
Croatia		No
Czech Republic	Yes			Yes
Denmark		No	So far we haven’t seen any new market participants playing a significant role in the market	Yes
Estonia			Not applicable.
Finland		No		Yes
France	Yes		Other market participants like hedge funds contribute to providing liquidity on the French curve.	Yes
Germany	Yes		Hedge funds have been a significant liquidity provider for German government bonds.
Greece		No		Yes
Hungary		No		Yes
Iceland		No		Yes
Ireland		No		Yes
Israel	Yes		Yes, historically a there were a few large market participants who work through the primary dealers.	Yes
Italy		No	Our secondary market is characterized by a high degree of liquidity provided by a great variety of market participants. These factors contribute to minimize the impact that each dealer may have on the market. However, hedge funds have increased their presence on the primary and secondary market but they tend not to behave as liquidity providers as for most of them their presence is purely tactical	Yes
Japan		No		Yes
Korea		No		Yes
Republic of Latvia		No		Yes
Lithuania		No
Luxembourg		No
Mexico (Local)	Yes		The Mexican Government debt market has among its largest participants the AFORES, brokerage houses and foreign hedge funds, each of which has a very active participation in the market.	Yes
Mexico (External)
Netherlands			Not applicable/don’t have enough information to answer this question	Yes
New Zealand		No		Yes
Norway		No		Yes
Poland		No		Yes
Portugal	Yes		There have been unconfirmed reports of hedge funds behaving as shadow dealers.	Yes
Romania	Yes		Some of our PDs are managing orders from offshore investors.	Yes
Slovak Republic		No		Yes
Slovenia		No		Yes
Spain	Yes		The increase in regulation on the banking sector has affected many of our Primary Dealers. This means that they are not able to carry out the same operations that they did 10 years ago for example. Other market participants have stepped in to fill the gaps left by the baking sector, especially hedgefunds. This means that some of the roles previously carried out by banks are now carried out by hedgefunds, among which we can highlight the provision of liquidity for certain segments of the European Government Bond market. However, these changes have evolved naturally in the market, without a specific direction provided by market regulators and supervisors.	Yes
Sweden		No		Yes
Switzerland		No	There are large institutional investors who hold a significant proportion of our bonds. However, these types of investors trade relatively little in our bonds. Apart from those investors and our main counterparties (see Q10), we are not aware of any market participants playing a significant role in our bond market. Please note: We are only rarely in direct contact with the end investors of our bonds. Therefore, we may not have all the information necessary to assess this topic.
Türkiye		No		Yes
UK		No	Entities other than GEMMs (e.g. hedge funds) have acted in effect as intermediaries in the secondary market between the DMO as issuer and end investors; this activity is likely to have been material in recent years. Moreover, according to anecdotal evidence, some end-investors also transact with non-GEMM banks and/or brokers. However, any non-GEMM entity acting in this way has no formal agreement with the DMO and, therefore, no commitment to participate in our operations or make two-way prices in the secondary market.	Yes

Table A B.13. Q12 Specify the measures already in place / under consideration to support secondary market liquidity

Table 1/2

	Improving market capacity of primary dealers			Repos / Reverse Repos / Securities Lending			Enhancing the integrity/transparency of electronic trading			Adapting regulations that may impact intermediation capacity			Buyback/switch operations			Regularly scheduled taps of existing securities
	AP	UC	NC	AP	UC	NC	AP	UC	NC	AP	UC	NC	AP	UC	NC	AP	UC	NC
Australia			X	X					X			X	X			X
Austria	X			X					X			X				X
Belgium			X	X					X			X	X			X
Brazil	X				X			X			X				X	X
Bulgaria	X			X			X				X				X	X
Canada	X			X					X			X	X	X				X
Chile		X			X				X			X	X			X
Colombia	X			X					X			X	X			X
Costa Rica	X			X			X				X				X
Croatia					X			X			X						X
Czech Republic			X	X			X				X		X					X
Denmark		X		X					X			X	X			X
Estonia			X			X			X			X			X			X
Finland			X	X					X			X			X	X
France			X	X				X				X	X			X
Germany				X												X
Greece		X			X		X				X		X				X
Hungary	X			X					X			X	X			X
Iceland				X									X
Ireland				X									X			X
Israel					X				X			X	X			X
Italy	X			X			X			X			X			X
Japan			X	X					X			X	X					X
Korea	X					X			X			X	X			X
Republic of Latvia					X									X		X
Lithuania			X		X				X			X			X	X
Luxembourg
Mexico (Local)	X			X				X		X			X			X
Netherlands	X			X				X				X		X		X
New Zealand			X	X					X			X	X			X
Norway				X									X			X
Poland	X			X			X			X			X			X
Portugal	X				X		X					X	X			X
Romania	X				X			X			X		X			X
Slovak Republic			X		X		X	X				X	X			X
Slovenia					X								X
Spain	X			X			X					X		X		X
Sweden				X									X			X
Switzerland			X		X				X			X		X				X
Türkiye	X			X			X			X			X			X
UK				X					X			X			X	X

Note: AP: Already in place; UC: Under consideration; NC: Not considered

Table A B.14. Q12 Specify the measures already in place / under consideration to support secondary market liquidity

Table 2/2

	Ad hoc taps of existing securities			Improved communication with market participants			Others:									Notes
	AP	UC	NC	AP	UC	NC	Specify	AP	UC	Specify	AP	UC	Specify	AP	UC
Australia	X				X											Buybacks have been used in the past but a switching facility is not in place. Existing securities are tapped according to decisions on a weekly basis, in this sense they are ‘ad-hoc’, however, there are sections of the curve that we regularly tap.
Austria	X			X												We aim to improve the market capacity of primary dealers e.g. by selling bonds (from our own retention) to them via the secondary market.
Belgium	X			X
Brazil			X	X												The current focus is on improving the transparency and participation on electronic trading, in addition to creating securities lending options and repos that assist primary dealers in providing liquidity.
Bulgaria	X			X												Efforts are aimed at integrating foreign investors, to the local sovereign debt market, through regulatory and infrastructural changes. In addition, the future accession to the T2S of the Depository of GS will contribute to enlarge the investors base.
Canada			X	X
Chile	X															We are analyzing the implementation of market makers for treasury bonds. A bill was sent to the Congress, in order to allow the lending of securities to the market makers, in order to do it more attractive. At the same time, we are analyzing measures to strengthen the repo market.
Colombia			X	X
Costa Rica	X			X
Croatia		X			X
Czech Republic	X			X
Denmark	X				X		Securing a better alignment between our and PD’s interest		X
Estonia			X			X
Finland			X	X
France			X	X
Germany	X			X
Greece	X			X
Hungary	X			X
Iceland	X						Number of PDs go from 4 to 5		X
Ireland				X
Israel			X	X
Italy	X			X												In 2021, liquidity management was characterized by the introduction of the repurchase agreement (Repo) activity, which generated positive effects both in terms of efficiency in raising and investing of cash and in the management of distortions in the market. For the purposes of executing Repos with the aim of raising cash, the Treasury has set up its own portfolio, composed of tranches of Government securities already in circulation in the nominal BTP segment. This portfolio is periodically updated to adjust its composition and quantities in line with cash management needs and consider the full implementation of Repo operations. Given the levels of market rates, while in 2021 the Treasury operated on the Repo market only in raising cash, starting from 2022 the Treasury could have recourse to the Repo market also for investing its cash balances.
Japan			X	X			Liquidity Enhancement Auctions	X
Korea			X	X
Republic of Latvia	X			X
Lithuania	X			X
Luxembourg
Mexico (Local)	X			X
Netherlands	X					X
New Zealand	X			X
Norway
Poland	X			X												We consistently hold dealers accountable for their obligations supporting secondary market liquidity and cooperate with them on any problematic matter.
Portugal	X			X
Romania	X			X
Slovak Republic	X			X												The biggest accomplishment in small market like Slovak market was MTS introduction
Slovenia	X
Spain			X	X												One of the main changes we have done in our issuance to support secondary market liquidity is increase the issuance of OffTheRun bonds in our primary market issuance. This helps to increase the available supply of many references that are “street-shorts”, helping Primary Dealers obtain these bonds via auction and be able to more easily provide liquidity for these references.
Sweden			X	X
Switzerland	X			X												The main instruments to support secondary market liquidity are regular taps of existing bonds (no pre-scheduled rhythm for individual bonds) to achieve our target volume of around CHF 4 billion at maturity. Between auction dates, the Federal Treasury sells so called “own tranches” from time to time to support market liquidity and cover extraordinary market demand. Own tranches are Government Bonds owned by the Confederation and can be sold on demand at market prices (own tranches are not yet placed/settled, the whole issuance process is completed except the sale to the investor à primary market transaction). We consider the selling of own tranches as tap issues. One possible instrument to counter decreasing secondary market liquidity could be buyback and switch operations. We are not yet using this instrument, but are closely following all developments in this area. We are also currently working on getting started on the repo market, which could also include special repos to support the market in times of market stress with scarce T-Bonds. Please note: There are no concrete plans yet for the implementation of these two instruments.
Türkiye	X			X
UK	X			X												Buyback operations of near to maturity gilts (sub 1-year) has already been in place for a number of years for redemption management purposes.

Note: AP: Already in place; UC: Under consideration; NC: Not considered.

Table A B.15. Q 13, 14, 15, 16

Country	13. Have you imposed new requirements on market-makers in their provision of liquidity over the last 12 months?			14. Are you considering adjusting “obligations and privileges” for primary dealers and market makers?			15. Do you consider implementing additional measures to help improve the capacity of secondary-market intermediation?			16. Have you made any changes to your market communication strategies in the recent months?
			Please explain:			Please elaborate:			Please elaborate			Please describe:
Australia		No			No			No			No
Austria		No		Yes		We are evaluating to introduce specific quoting obligations for RAGBs.		No			No	There have been no significant changes to our communication strategy in recent months. However, with respect to our inaugural Green Bond syndication we have had a greater exchange and engagement with investors around the Green Bond Framework published on 9 May 2022, and in the run-up to the Green Bond issuance on 24 May 2022, than is typical for a syndication of a conventional RAGB.
Belgium		No	On the contrary, we have shown some lenience given the extremely volatile backdrop in which they need to operate.		No			No			No
Brazil	No			Yes		The National Treasury of Brazil is always looking to improve the rules on obligations and privileges for primary dealers. In particular, the main objective is currently looking for ways to prioritize the electronic market and to extend the maturity and improve the composition of the federal public debt.	Yes		We are studying ways to improve the secondary liquidity of interest rate-linked bonds and floating rate bonds, as they also represent relevant components of our federal public debt.	Yes		National Treasury is always trying to improve communication with markets participants.
Bulgaria	Yes		Implemented market-making system as of 1 July, 2022.	Yes		We do not foresee the implementation of any new obligations and privileges as in 2021. The Criteria for the Selection of Primary Dealers of Government Securities and the issued Instruction on Reporting the Criteria for the Selection of Primary Dealers of Government Securities and Granting Primary Dealers the Right to Participate as Joint Lead or Co-Lead Managers in Syndicated Placement Transactions of Bonds Issued by the Republic of Bulgaria on International Markets were approved by Order No. ZMF - 1358/31.12.2021.	Yes		Efforts are aimed at integrating foreign investors, to the local sovereign debt market, through regulatory and infrastructural changes. In addition, the future accession to the T2S of the Depository of GS will contribute to enlarge the investors base.	Yes		In 2021, a Primary Dealers Committee was established pursuant to Article 8a of Ordinance № 15 of 4 October 2007 on the Control over Transactions in Government Securities, with advisory functions to exchange information and make recommendations between the issuer and the PD on the legal framework and market infrastructure, including the criteria for the selection of primary dealers. In the recent month we maintain intensive communication with all type of investors.
Canada		No	N/A		No	N/A	Yes		Canada is considering re-introducing buyback operations in order to improve liquidity in the secondary market.		No	N/A
Chile		No			No			No			No
Colombia		No	The requirements on market-makers in their provision of liquidity are regulated under Resolution 5112 of 12/21/2018.		No	The Resolution 5112 of 12/21/2018 incorporated recent modifications related to “obligations and privileges” for primary dealers.		No	New considerations could be reviewed whenever the market makers request it.	Yes		The Primary Dealer Program has a schedule for meetings with the DGCPTN and there is a direct communication channel with the DMO.
Costa Rica		No	The government has been working to development this market in Costa Rica. In this moment we haven´t market-makers.	Yes		The government has been working to development this market in Costa Rica. In the next months, we try to evaluate different kinds of measures, indicators and normative to development market-makers.	Yes		The government has been working to development this market in Costa Rica. In the next months, we try to evaluate different kinds of measures, indicators and normative to development market-makers.		No
Croatia								No			No
Czech Republic		No			No			No			No
Denmark		No		Yes		We consider to start use syndications for domestic bonds. Public ranking of the primary dealers is also considered.		No		Yes		We have increased our direct communication with investors.
Estonia		No			No			No			No
Finland		No			No			No			No
France		No	AFT is monitoring, thanks to PDs feedbacks, the liquidity of the French curve. There is no new requirement.		No	Obligations and privileges are based upon the SVT* Charter which is updated every 3 years. *SVTs: Primary Dealers in French Treasury securities		No	No specific consideration at the moment.		No	Communication strategy is based on transparency and regularity. No change.
Germany		No	We do not impose any requirements on market makers.		No			No			No
Greece		No		Yes			Yes				No
Hungary	Yes		We have lowered the minimum quotation amount in case of T-bills and increased them in case of floating rate notes; decreased the number of series one PD has to quote prices for; we have decreased the daily minimum quotation time from 5 hours to 4 hours. We have widened the maximum bid-ask spread of the price quotation. Since July 2022 Non-PD Market Makers can also participate on MTS Hungary, and they also have quoting obligations. (The first Non-PD Market Maker is planned to enter the platform in Q4 2022). We have also introduced to measure the price quotation quality on MTS Hungary, which has become one of the factors to be taken into account in the calculation of the PD ranking.	Yes		We have a new Primary Dealer agreement, effective from July 2022. We have modified, adjusted, fine-tuned many obligations and rights. In addition, we created a new status: the Non-PD Market Maker, who has less rights and obligations than a PD, and whose main role is to provide liquidity on the secondary market. We have rationalized our sanctioning policy, but at the same time we have also built more incentives into the PD system.		No		Yes		We have been communicating more actively with our PDs.
Iceland		No			No			No			No
Ireland		No			No			No			No
Israel		No			No			No			No
Italy	Yes		Please refer to the answer to the question n. 11		No	Considering the adjustments already introduced in recent months, at the moment no additional changes are being considered. In fact, starting from 2021 the right to participate at Italian Government bonds auction has been limited to the Primary Dealers and Candidates. Moreover, there has been a slight revision to the share reserved in the supplementary placements in order to let the first eight Specialists (instead of the previous ten), ranked according to the performance, participate in the auctions’ re-openings.		No	The measures implemented so far appear quite efficient to motivate dealers in improving market efficiency. However, we monitor closely the evolution of the market to react in a timely manner in case of need of any amendment to our Evaluation Criteria, even during the year.	Yes		Starting from June 2022, the format of the Quarterly Issuance Program Bulletin has been revised to provide more information to the market participants. In particular, it has been structured into four sections: the first, which is the standard section, dedicated to the quarterly issuance program; the second, which provides an update on the funding activity carried out during the year; the third, which provides a description of the macroeconomic context; the fourth, which provides an update on the public finance indicators
Japan		No			No			No			No
Korea		No			No			No			No
Republic of Latvia		No			No			No			No	No, just because the strategy in general is correct and working. But we would like to improve the content of Investor Presentation and could consider more bilateral dialog with investors.
Lithuania		No			No			No		Yes		Contact PDs more often, distribute additional promotional materials to investors, resumed physical meetings with investors abroad
Luxembourg			Not applicable			Not applicable		No			No
Mexico (Local)		No			No			No			No	Internal market debt On a quarterly basis, the Federal Government announces its auction calendar, which has allowed for a very effective communication dynamic. In this regard, we plan to continue with the quarterly announcements.
Mexico (External)								No			No	External market debt The Federal Government does not participate in any communication aimed at secondary market participants.
Netherlands	Yes		Technically there are no new requirements we just adjusted the existing requirements to be easier to comply with.	Yes		Under consideration are now: less obligations and different structure for privileges	Yes		No concrete plans are announced at this moment but the following is under consideration: -extending the buyback programme to include more lines -regularly scheduled switch auctions -extend repo facility or become more active in repo market ourselves to increase liquidity -include secondary market performance into existing privileges for PD’s in order to incentives activeness		No
New Zealand		No			No			No			No
Norway		No		Yes		The primary dealers are obliged to quote firm prices with a maximum spread and for a minimum volume in each bond. Since June 2022 the DMO has allowed primary dealers to set a wider price spread in thei interdealer market for both government bonds and Treasury bills due to heightened market volatility. We will consider the obligation to quote firm prices going forward and consider the impact this has on the market for government debt.		No			No
Poland		No			No			No			No	Our funding plans are published before coming months and quarters. Earlier, we contact our primary dealers to present our ideas and ask for their opinions. Our communication strategy was basically unchanged.
Portugal		No			No	We do an annual assessment of primary dealer business model. On that sense can be adjusted the obligations and privileges for primary dealers.		No	Please see question 14.		No
Romania	Yes		A new regulation regarding the mandatory conditions for PDs / market-makers to be met in order to ensure provision of liquidity was approved this year. In this sense, the minimum volume that must be quoted for a period of time at a maximum spread was increased from RON 5 million to RON 10 million.		No		Yes		We would like to adapt our regulations to the current market conditions in order to improve secondary market liquidity. The additional measures might include changes in the quotation obligations and additional market-making conditions for PDs.	Yes		We have improved our market communication strategies in the recent months both by holding more frequent meetings with the market participants, extending the communication to the secondary dealers and as well by exchanging information electronically.
Slovak Republic		No	Brand new requirements were imposed with MTS launch in 2018.		No			No			No
Slovenia		No	We consider current requirements as satisfactory.		No	We consider current set up as satisfactory.		No	We consider current set up as satisfactory.		No
Spain		No	We have maintained the same requirements that were in place in 2021.		No	We are not considering changes in the obligations, requirements and privileges for the primary dealers of our market. However, we are considering making small changes in the Evaluation System that we have for our Primary Dealers. These changes would be aimed at fine-tuning the current system and helping improve the incentives it provides for our Primary Dealers.	Yes		We are considering making small changes in the Evaluation System that we have for our Primary Dealers. These changes would be aimed at fine-tuning the current system and helping improve the incentives it provides for our Primary Dealers.	Yes		We are now looking to do more in-person meetings with investors as part of our investor outreach. With the pandemic we weren’t able to do these in-person meetings, which we believe to be vital to establishing long-lasting communication and contact with investors.
Sweden		No			No			No			No
Switzerland		No	See Q9		No	See Q9		No	See Q9		No	We did not make any changes. We publish our issuance program for bonds and bills in December for the following year. This program includes the dates of our auctions as well as a net and gross target volume. If there is a material deviation from the program, we inform market participants in a timely manner.
Türkiye		No			No			No	No further measures are considered at the moment		No	Periodic meetings with market participants are being held for over 20 years. Also, participants have direct access to the market regulators in order to place a demand or a change.
UK		No			No			No			No

Table A B.16. Q17 Have you experienced structural changes in the composition of your investor base in recent years?

Country
Australia		No
Austria	Yes
Belgium		No
Brazil	Yes
Bulgaria		No
Canada	Yes
Chile		No
Colombia		No
Costa Rica		No
Croatia	Yes
Czech Republic		No
Denmark		No
Estonia		No
Finland		No
France		No
Germany		No
Greece		No
Hungary		No
Iceland		No
Ireland		No
Israel	Yes
Italy		No
Japan		No
Korea		No
Republic of Latvia	Yes
Lithuania	Yes
Luxembourg		No
Mexico (Local)	Yes
Mexico (External)	Yes
Netherlands	Yes
New Zealand	Yes
Norway		No
Poland	Yes
Portugal	Yes
Romania		No
Slovak Republic	Yes
Slovenia		No
Spain	Yes
Sweden		No
Switzerland		No
Türkiye	Yes
UK		No

Table A B.17. Q18 What were the trends in the composition of your investor base during the last 9 months? Please choose which best describes the trend.

	And by specific investor type:
	Domestic investors: (Investor base)					Foreign investors:
	Banks	Central Bank*	Institutional Investors (Pension, insurance and SWFs)	Asset managers and hedge funds	Others (Retail investors etc.)	Banks	Central Bank	Institutional Investors (Pension, insurance and SWFs)	Asset managers and hedge funds	Others (Retail investors etc.)
Australia	Decreased	Increased	No change	No change	Not applicable	No change	Increased	No change	Decreased	Not applicable
Austria	No change	Increased	Decreased	Decreased	No change	Increased	Decreased	Increased	No change	No change
Belgium	Increased	No change	Increased	Increased	No change	Increased	Decreased	Increased	Increased	No change
Brazil	Increased	No change	Decreased	Decreased	Decreased
Bulgaria	No change	Not applicable	No change	Not applicable	No change	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Canada	No change	Decreased	Decreased	No change	No change	No change	Increased	No change	Decreased	No change
Chile	No change	Not applicable	No change	No change	No change
Colombia	Increased	Increased	Increased	Decreased	No change	Increased	Increased	Increased	Increased	Increased
Costa Rica	Decreased	Decreased	Decreased		Increased	Increased	No change			Decreased
Croatia	No change	Not applicable	No change	No change	No change	No change	Not applicable	Increased	Increased	No change
Czech Republic	No change	Not applicable	No change	No change	Increased	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Denmark	No change	Not applicable	Increased	No change	No change	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Estonia
Finland	No change	No change	No change	No change	Not applicable	No change	No change	No change	No change	Not applicable
France	No change	Decreased	No change	No change	No change	No change	No change	No change	No change	No change
Germany	No change	No change	No change	No change	No change	No change	No change	No change	No change	No change
Greece	Increased	Increased	Decreased	No change	Not applicable	No change	No change	No change	No change	Not applicable
Hungary	Increased	Decreased	Decreased	Increased	Decreased	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Iceland
Ireland
Israel	No change	Increased	No change	No change		No change	No change	No change	No change
Italy	Decreased	Decreased	Increased	Increased	Increased	Decreased	Increased	Increased	Increased	Increased
Japan	No change	No change	No change	No change	No change
Korea	Increased	Decreased	Increased	Increased	No change	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Republic of Latvia	Increased	No change	No change	Decreased	Decreased	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Lithuania	Increased	No change	No change	No change	No change	No change	No change	No change	Decreased	Not applicable
Luxembourg	No change	No change	No change	No change	No change	No change	No change	No change	No change	No change
Mexico (Local)	Decreased	No change	Increased	Increased	Increased
Mexico (External)
Netherlands	No change	No change	Decreased	No change	No change	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
New Zealand	Decreased	Decreased			No change					Not applicable
Norway
Poland	Decreased	Decreased	No change	Not applicable	Increased	Increased	Increased	Decreased	No change	Increased
Portugal	Increased	Increased	No change	Increased	No change	Increased	Increased	Increased	Increased	No change
Romania	Increased	Not applicable	Increased	Increased	Increased	Decreased	Decreased	Decreased	Decreased	Not applicable
Slovak Republic	Increased	Increased	No change	No change	Not applicable	No change	No change	No change	Decreased	Not applicable
Slovenia	Decreased	Increased	Decreased	Not applicable	No change	Decreased	No change	No change	No change	No change
Spain	Increased	Increased	Decreased	Increased	No change	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Sweden	Not applicable	Increased	Not applicable	Not applicable	Not applicable	Decreased	Decreased	Decreased	Decreased	Not applicable
Switzerland	No change	Not applicable	No change	No change	No change	Not applicable	Not applicable	No change	Not applicable	Not applicable
Türkiye	Increased	No change	Increased	Increased	Not applicable	Decreased	Not applicable	Not applicable	Not applicable	Not applicable
UK	No change	Decreased	No change	No change	No change	Not applicable	No change	No change	No change	No change

Table A B.18. Q19 Could you please indicate the main driving forces you assume/identified to be behind changes in your investor base?

Country	Larger activities of hedge funds	Increasing yields	Credit rating developments	Monetary policy actions of your central bank	A change in risk-appetite in some parts of your investor base	New investment alternatives/opportunities for institutional investors	Other (i)	(i) please specify:	Other (ii)	(ii) please specify:	Country additional notes:
Australia		X		X	X
Austria		X					X	Introduction of Green Debt Issuances			The increase in yields - especially over the past eight months - has attracted more “Real money Investors” which have not been interested in government bonds in the time of very low or even negative yields. More green investors as green funding programme started.
Belgium	X	X		X
Brazil			X	X	X						Foreign participation has been decreasing since loss of investment grade. Liquidity shocks during COVID-19 crisis drove increase in Banks participation. Reduction in household income after COVID-19 also made Pension Funds decrease its share. In addition, the cycle of interest rate hikes over the last 12 months and this greatly affects our issuances and the demand for each type of bond an maturity.
Bulgaria						X					Efforts are aimed at diversifying the bond lines offered in line with leading European and national policies.
Canada	X	X
Chile
Colombia					X
Costa Rica		X		X	X
Croatia			X
Czech Republic
Denmark						X
Estonia											Estonia does not collect data of investor base.
Finland
France		X		X							French investor base is well diversified and stable over time in the rising rate environment. The only change is linked to ECB purchasing program.
Germany
Greece		X	X	X
Hungary	X	X		X
Iceland
Ireland	X			X
Israel				X
Italy		X		X	X
Japan											There is no change in investor base.
Korea		X		X
Republic of Latvia		X		X	X
Lithuania		X			X
Luxembourg
Mexico (Local)		X		X	X	X
Netherlands											Since 2015 the aggregate the share of the domestic central bank has increased while the share of domestic real money investors (pension funds and insurers) has remained stable. The higher share from the central bank appears to have come at the costs of domestic banks and foreign holdings whose share has decreased. More recent developments are harder to analyze because we lack granular data
New Zealand		X		X	X
Norway
Poland		X		X	X		X	increase of inflation and negative real interest rates	X	introducing of new bonds for retail investors
Portugal		X		X	X
Romania	X	X	X	X	X
Slovak Republic		X		X							Return of real money investors due to higher yields. Lower presence of slightly speculative investors because of PSPP and PEPP end.
Slovenia
Spain		X		X							As yields rise, domestic investors are more interested in our Public Debt, especially in the 5 to 10 year segments. The Spanish domestic investor base has a strong banking sector, which is especially interested in the 5 to 10 year part of the curve. Spain doesn’t have a strong domestic pension fund and insurance community, which are generally interested in the longer part of the curve, so this demand is usually from non-resident investors.
Sweden				X			X	(i) please specify: Declining bond supply due stronger government position
Switzerland											Our investor base is mostly domestic (more than 80 percent of bonds are held by domestic investors). The investor base remained largely stable over the last 9 months.
Türkiye	X	X	X	X	X
UK		X		X	X	X

Table A B.19. Q20 To what extent does your knowledge about the investor base and investor structure influence your issuance strategy?

Country	To a very large extent	To a moderate extent	To a small extent	Not at all	If possible, please provide a recent example:
Australia	X				All investors wish to maintain a level of liquidity in their portfolios. The two most liquid areas on the AGB curve are around the 10 year (and to a lesser extent the 3 year futures ) basket bonds. We retain very strong demand from investors for these bonds and hence these bonds remain easier points for the AOFM to launch new issues and tap current bond lines. We also manage the volume being issued into these bonds to assist in controlling the weighted average term to maturity of the portfolio.
Austria		X
Belgium			X		In the context of our recent new green bond, we did discuss the optimal maturity with investors in order to inform our choice.
Brazil	X				We know that different holders seek securities with different characteristics. Thus, we maintain constant dialogue with market participants and take this into account in our decisions.
Bulgaria	X				The Primary Dealers Committee and the regulatory changes through which was improved the communication and the ongoing monitoring of the government securities market led better knowledge of the investor base and investor appetite.
Canada		X			Relative issuance in parts of curve relies on the makeup of investors who participate in those sectors. As mentioned before, this provides the guidance for setting minimum issuance levels in each sector.
Chile	X				Pension managers are the main investor in the Chilean securities. The amount of local-external debt contemplated in the annual issuance, is strongly influenced by the appetite coming from pension funds to buy the debt. In this regard, before to publish the auction calendar, we needed to do a check with the pension managers, in order to verify that the amount could be absorbed by the market. At the same time, for book building operations in CLP, it is critical to know if there is a good moment for foreign investors to participate.
Colombia			X		The issuance strategy is defined by the Direction of Public Credit and National Treasury in the medium-term debt strategy of the Central National Government (GNC). It addresses conceptual aspects in terms of objectives, risks, economic benefits, and practices used by the Colombian government. Additionally, the Direction of Public Credit has an Investor Relations Office that organizes Non-deal Roadshows and meetings with investors to get to know their feedback.
Costa Rica	X				As the rise in inflation, we have once again issued securities indexed to inflation because we know that there are long-term investors who need this type of issue.
Croatia		X
Czech Republic		X
Denmark		X
Estonia				X
Finland				X
France	X				AFT issuance strategy is based on market demand. This demand is mainly expressed through the regular advice provided by the PDs and the daily feedbacks from PDs. This, along with periodic direct contacts with investors, helps selecting the bonds for the auctions, and designing the yearly funding program.
Germany		X
Greece		X
Hungary		X
Iceland	X				Domestic banks are the main investors in short-dated bonds whereas pension funds are the main investors on the longer end of the curve. We aim to meet the demand of both these investor types in most auctions.
Ireland		X
Israel			X
Italy		X
Japan		X			We take market demands into account. In the initial FY2022 JGB Issuance Plan, the amount of 40-year bonds increased by 0.6 trillion yen, 10-year bonds by 1.2 trillion yen, and liquidity enhancement auctions by 0.6 trillion yen, based on higher demand in the market the amount of 2-year bonds decreased by 2.4 trillion yen, considering lower demand and its shorter maturity
Korea		X
Republic of Latvia			X		Investor base have been quite stable in general, therefore it does not effect our issuance strategy, We acknowledge that for large transactions we need to look for international capital markets, as the domestic markets has its limitations
Lithuania		X
Luxembourg			X
Mexico (Local)		X			Internal market debt SHCP plans the issuance of debt according to the market conditions observed, in this sense and by observing the appetite that our investors show for certain instruments, we can make decisions for new issuances.
Netherlands				X	Issuance strategy is most influenced by other factors. For example our risk framework, the redemption profile, cash balance throughout the year
New Zealand		X
Norway			X
Poland		X
Portugal		X			At the end of 2021 IGCP had the knowledge that buy & hold institutional investors were interested in a long term issuance and at the beginning of this year the funding plan started with a new 20y benchmark.
Romania	X
Slovak Republic			X
Slovenia		X
Spain	X				When deciding our primary market issuance, both for auctions and syndications, we receive detailed feedback of investor demand from our Primary Dealers. This helps us understand how the investor base is evolving and the changes in investors’ needs. We can therefore plan our issuance accordingly, and this feedback plays a key role in deciding what specific references and maturities we include in auctions and syndications.
Sweden				X
Switzerland		X			In the week before an auction, we conduct a short telephone survey of our major counterparties to get their market assessment. We use the responses received from this survey to decide which maturities we will issue/tap in the auction. In addition to these insights, however, the financing needs and risk management of the Confederation play a critical role in the decision process.
Türkiye		X			Treasury provided information to the public about borrowing strategy, borrowing instruments, estimated annual debt services and borrowing amounts in Treasury Financing Program, which was published on October 2021. In this context, Treasury continue to issue various borrowing instruments, such as fixed-income TL-denominated securities, floating rate notes, Turkish Lira Overnight Reference Rate-indexed notes, inflation indexed securities, zero coupon securities, FX and gold denominated securities depending on the redemption profile and market conditions. On the other hand, in order to broaden the investor base and to diversify the borrowing instruments, Treasury also continues to develop new type of securities in accordance with market demand and investor structure.
UK		X			We try to ensure as diversified an investor base as we possibly can, which we believe is really important for the health of the gilt market. In practice, this means that we aim to issue at a diverse range of maturities in order to service all parts of the investor base. To be sure, we regularly liaise with our primary dealers and end-investors in order to be aware of their preferences on the DMO’s issuance.

Table A B.20. Q21 Do you think that you are more dependent on some kind of investors than others?

Country	Yes/No		If yes, what type of investors are concerned and how do you deal with this dependence? )
Australia	Yes		We are more concerned with the flows of Asset Managers and ADI’s than Fast Money accounts as we value investors who will invest for the longer term.
Austria		No
Belgium	Yes		For the important role of the initial absorption of auction supply, we do see that we are becoming more dependent of hedge fund activity.
Brazil		No
Bulgaria	Yes		Domestic market depends on the PD’s - banks, and we are willing to expand the market with involving institutional investors.
Canada	Yes		For participation in primary market auctions, we have net position reporting requirements in place where the investors are required to disclose existing holdings of the security. Their bidding limits may then be adjusted to ensure no investor owns a significant portion of the outstanding. This measure is in place to encourage broad distribution of securities among investors.
Chile	Yes		Pension Managers (see above) and foreign investors in the case of book building issuances in CLP.
Colombia		No
Costa Rica	Yes		The government is more dependent on domestic investors.
Croatia		No
Czech Republic		No
Denmark	Yes		We have a large dependency on our domestic insurance and pension sector. To counter it we try to secure new foreign investors to complement them.
Estonia		No
Finland		No
France		No	Investor base is well diversified.
Germany		No
Greece	Yes
Hungary	Yes		Banks and foreign investors.
Iceland	Yes		See answer to question 20.
Ireland		No
Israel	Yes		We are more dependent on local pension funds and are working on diversifying our investor base.
Italy		No
Japan		No
Korea		No
Republic of Latvia		No
Lithuania		No
Luxembourg		No
Mexico (Local)		No
Netherlands		No
New Zealand		No
Norway		No
Poland	Yes		The dominant type of investors in Polish Treasury securities are domestic banks. We are communicating with them on a regular basis to better understand their investment preferences.
Portugal		No	Real money investors play a relevant role in syndications, in order to guarantee price stability in secondary market. Bank trading and fast money accounts are also relevant in auctions and help ensure secondary market liquidity. It’s important to stress that all investors play an important role in market functioning
Romania		No
Slovak Republic	Yes		Strong presence of investors from German speaking countries and local banks.
Slovenia	Yes		Slovenia being a small country the capacity of the domestic investor base is limited. The predominant part of funding is supported by the international investor base. Banks/CBs (32%) and Asset Managers (47%) contribute major part of the funding.
Spain	Yes		As mentioned in the answer to question #19, Spain’s domestic investor base is more skewed towards the short and middle part of the yield curve. We have a strong banking sector with more interest in the 5-10 year part of the curve, but we don’t have such a strong pension and insurance sector which is generally more interested in the longer part of the curve. Thanks to the investor outreach efforts we have carried out in the past, we have managed to increase the share of non-resident investors in our holdings, and have a strong interest from foreign investors, which are key for the long part of our curve
Sweden		No
Switzerland	Yes		Domestic institutional investors (investment funds, insurance companies, and pension funds) hold well over two-thirds of our bonds. Accordingly, these play a significant role in our issuance program. In order to know the needs of these investors, we hold regular discussions with individual ones.
Türkiye		No
UK			We believe that underlying demand for the UK’s debt is strong, supported by a well-diversified investor base. We try to ensure as diversified an investor base as we possibly can so as to make sure we are not overly reliant on a small group of investors who might want to buy only a limited range of instruments. As mentioned above, this is ensured by issuing at a diverse range of maturities in order to service different parts of our investor base.

Table A B.21. Q22 Indicate the share of CB’s holdings of national government debt in total, with the distinction of your CB’s holdings and foreign CB’s ones. Please use information as of 30 June 2022.

Country	% held by own CB*	% held by all other foreign CBs	Details on the evolution of holdings going forward:
Australia	35	20	# As the AOFM does not maintain a registry showing beneficial ownership, we do not know exact holdings of most of our investor base. We use a number of sources of data, including our own engagement with investors to gauge approximate holdings.
Austria	43.7	n/a	Although the Eurosystems bond purchase programs (PSPP, PEPP / net purchases) have ended in the first half-year of 2022, we expect the share of CB holdings to decrease only slightly over the coming years due to continued reinvestment of maturing bonds.
Belgium	21.7	???	At the end of September 2021: 19.5% of the consolidated gross debt (entire public sector) in nominal terms was owned by the National Bank of Belgium (excl. ECB). This was equivalent to 27.72% of the OLO’s. By then, the Eurosystem possibly held around 21.7% of the entire public sector debt or 30.0% of all OLOs.
Brazil	26.5		Under the Brazilian constitution, the Central Bank cannot finance the National Treasury. The Central Bank only uses federal government bonds to help carry out the monetary policy using open market operations.
Bulgaria			N/a
Canada	40	<10%	Since the Bank has started quantitative tightening from April 2022, we expect central bank holdings of government debt to steadily decline over the next year.
Chile	0	n/a
Colombia	74	26	The behavior of the investors in general has been stable and consistent during the last years.
Costa Rica
Croatia
Czech Republic	0.0	-
Denmark	0	NA	We don’t have any detailed information on the holdings of foreign investors.
Estonia	39	N/A
Finland	45	?
France	20	17	Figures from the IMF “sovereign Debt investor Base for advanced economies”. Very stable figures except for the own CB because of emergency program implementation by Banque de France on behalf of the Eurosystem.
Germany	40	15	“Central banks” defined as central banks and other official institutions.
Greece	38	12
Hungary	7.00	N/A	The National Bank of Hungary stopped its government bond purchase program in December 2021. No changes are expected in this regard.
Iceland	1.50	?	The Central bank of Iceland has not bought any Treasury bonds since July 2021.
Ireland	29.00	n/a
Israel	15.00		Increased demand for shorter bonds
Italy	25.80		In the future, the share of ECB’s holdings of national government debt will probably decrease, due to the end of the asset purchase programs and the quantitative tightening that could be the next step after the rise of interest rates
Japan	44.3		44.1% held by the BOJ as of September 2021 43.4% held by the BOJ as of December 2021 43.3% held by the BOJ as of March 2022 We have no data about JGB holdings by foreign CBs.
Korea	4.8
Republic of Latvia	31.19	0.17%	It is hard to forecast the evolution of CB`s holdings.
Lithuania	34.00	n/a
Luxembourg	36.7	n/a
Mexico (Local)	2		In 2019, the Mexican central bank, Banxico, had about 5% of the total value in circulation; this percentage decreased to about 2% by 2020 and has remained around that figure for the last 3 years.
Mexico (External)
Netherlands	37.00		We only have data on our own national central bank and do not have data on the ECB or foreign central banks. Future evolution of holdings will depend on monetary policy decisions taken by the governing council of the ECB
New Zealand	37	n/a	The RBNZ are selling back holdings of New Zealand Government Bonds (NZGB) purchased under the Large-Scale Asset Purchase (LSAP) programme at a rate of NZ$5 billion per fiscal year and allowing bonds to mature without reinvesting the proceeds. The RBNZ expect their holdings of NZGBs purchased under the LSAP programme to be zero by mid-2027.
Norway	0		Norges Bank does not hold any Norwegian government securities. We have no information about foreign CBs holdings.
Poland	6.2	1.7	Before March 2020 National Bank of Poland (NBP) had no Treasury Securities in its portfolio. From March 2020 to November 2021 the NBP was purchasing TS and debt securities guaranteed by the State Treasury in the secondary market as part of structural open market operations. The aim of the programme was changing the long-term liquidity structure in the banking sector and ensuring liquidity of the securities on the secondary market. The share of NBP holdings of government debt in total State Treasury debt increased from 0.0% at the end of February 2020 to its peak of 7.3% in October 2021 and decreased to 6.2% at the end of June 2022 (as the central bank ceased to buy government bonds from banks). At the same time the share of foreign central banks** decreased from 1.8% at the end-2019 to 1.4% in November 2021 and increased to 1.7% in June 2022.
Portugal	50	No data available	We anticipate a decrease in holdings depending on evolution of QT (Quantitative tightening).
Romania			Insignificant
Slovak Republic	46	NA	We don’t have the data what bonds are held by CBs outside the euro area but based on the allocations in syndications we expect them to be higher than 0. Based on the reinvestment plans of ECB we expect the holding in nominal terms to remain approximately the same but due to increasing nominal debt to decrease as a percentage.
Slovenia	35.5	1.4
Spain	33.97	N/A	It’s unclear how the share of ECB holdings in our debt will evolve in the future. Generally it should fall, with the end of net purchases in the APP and PEPP programs and the continued net issuance of debt from us as a DMO. However, due to the flexibility introduced with PEPP reinvestments, it is not clear how this will evolve going forward.
Sweden	45
Switzerland	1.5	n/a	The SNB may not purchase government debt instruments issued by the Confederation, cantons and municipalities. However, it may purchase such bonds on the secondary market. As of the end of 2020, the SNB had CHF 932 million in Confederation bonds on its books, which corresponded to 1.5% of the total amount of outstanding Confederation bonds.
Türkiye	4.2		Since the beginning of the year, the given ratio has been stable around 4%.
UK	33	4	Latest data available on gilt holdings, as published by ONS are as at end-March 2022. Due to the passive unwind in place since February 2022 and the BoE’s intention to commence sales of its gilt holdings, starting from October 2022, its share of gilts is expected to fall going forward.

Table A B.22. Q23 Have you observed changes in investor behaviour in the wake of rising market uncertainties in recent months?

Country	Yes/No		Please explain:
Australia	Yes		Rather than changes, investors have increased their wariness around interest moves in Australia. For most of 2022, investors have been cautious but with the removal of QE early in the year and the advent of RBA rate rises, this cautiousness has increased. It manifests itself mainly in investors being underweight benchmarks and holding greater AUD cash positions. Outright trading is short term, and tends to focus on relative value trades, such as AGB curve movements and spreads to swaps and futures.
Austria	Yes		More “Real money” investors due to higher yields.
Belgium	Yes		Activity is very concentrated on the 5yr, 10yr and 30yr benchmarks
Brazil	Yes		In recent months we have seen volatility in financial markets. Many factors contributed to that, such as global inflation risks, geopolitical issues, restrictive monetary policy in major economies throughout the world and worries regarding global recession. In the domestic market we have seen volatility related to proximity of elections and political uncertainties. The volatility and the interest rate dynamics made investors averse of longer maturities during the first semester of 2022. We issued below average volumes of longer bonds during the months of January and February. In March and April we had reduced total issuance volumes, mainly due to decrease in demand for floating rate bonds.
Bulgaria	Yes		Due to the high volatility in the European and global markets, which is reflected in the Republic of Bulgaria, the investor base is turning to shorter-term government securities.
Canada		No	N/A
Chile	Yes		We have observed volatile behavior related to political risk in certain cases, and to external event in others.
Colombia		No	The behavior of the investors in general has been stable and consistent during the last years.
Costa Rica	Yes		We pay more interest rate.
Croatia	Yes		Lower investor total demand
Czech Republic		No	There have been no significant long-term changes in investor behaviour.
Denmark	Yes		Most investors is hesitant to buy in the current market environment.
Estonia		No	Estonia is not a frequent issuer.
Finland		No
France		No
Germany		No
Greece	Yes
Hungary	Yes		Retail investors have bought large volumes of wholesale government securities.
Iceland	Yes		More correlation with global bond markets.
Ireland		No
Israel	Yes		Increased demand for shorter bonds.
Italy	Yes		During recent months, investors showed a greater risk aversion. Considering recent changes in liquidity conditions and market uncertainties, they have become more selective in investment choices, also looking for higher returns.
Japan		No
Korea		No
Republic of Latvia	Yes		Lower demand for Latvia’s securities, especially for longer tenors.
Lithuania	Yes		Smaller demand, lesser bids, in some cases total risk-off and even sell-off
Luxembourg		No
Mexico (Local)	Yes		Internal market debt / External market debt In recent months, given the rise in the interest rates by most of the central banks around the world and an increase in uncertainty about recession in the next months, there has been a decrease of investor´s appetite for duration.
Netherlands			Don’t have a lot of information about investor behavior on the secondary market so not enough information to provide a decent answer here
New Zealand		No
Norway		No	Not to a large extent
Poland	Yes		Rising inflation, monetary policy tightening, fears of economic slowdown and geopolitical risks had negative influence on investors risk appetite and thus the level of Treasury securities yields and market liquidity.
Portugal	Yes		The volatility has played a relevant role in the functioning of the market and has discouraged some Investors to add exposure.
Romania	Yes		Investor behavior is risk driven in the recent months and we have experienced an overall decrease in the demand for our government bonds (both domestic and external) due to this risk aversion caused mainly by the global inflation and cost of living crisis, energy crisis and the geopolitical situation related to the Russia-Ukraine conflict.
Slovak Republic	Yes		Investors are more cautious before placing bids in auctions.
Slovenia		No
Spain	Yes		Overall the variety of global risks, such as geopolitical tensions, rising inflation, possible gas and energy shortages, among others, have led to increased volatility in markets, more uncertainty and a lower risk-appetite from investors.
Sweden		No
Switzerland	Yes		The demand for ultra-long maturities has increased in the last few months, this trend held even in times when yields were decreasing and the yield curve became inversed. At the same time, secondary market liquidity in the long end of our yield curve slightly decreased, as buy and hold investors took up a large part of our issuance volume. Overall, the changes have not limited us in our issuance program.
Türkiye	Yes		Due to Covid-19 effects on domestic as well as global economies and global political climate, markets and investors are affected by the uncertainties on production and prices.
UK	Yes		Investor demand has shifted focus lower down the curve.

Table A B.23. Q24 Based on investors’ feedback, which of the following statements best describes investors’ confidence in the market in 2022?

Country	SIMILAR to 2021	WORSE than 2021	BETTER than 2021
Australia	X
Austria		X
Belgium		X
Brazil			X
Bulgaria	X
Canada			X
Chile			X
Colombia	X
Costa Rica			X
Croatia		X
Czech Republic	X
Denmark		X
Estonia
Finland		X
France	X
Germany	X
Greece		X
Hungary		X
Iceland	X
Ireland	X
Israel		X
Italy		X
Japan
Korea		X
Republic of Latvia		X
Lithuania		X
Luxembourg	X
Mexico (Local)		X
Mexico (External)		X
Netherlands		X
New Zealand	X
Norway		X
Poland		X
Portugal		X
Romania		X
Slovak Republic		X
Slovenia	X
Spain		X
Sweden		X
Switzerland	X
Türkiye	X
UK		X

Table A B.24. Q25 Have you observed an increase in duration risk appetite over the last 12 months?

	Comments	Yes	No
Australia	Rather than changes, investors have increased their wariness around interest moves in Australia. For most of 2022, investors have been cautious but with the removal of QE early in the year and the advent of RBA rate rises, this cautiousness has increased. It manifests itself mainly in investors being underweight benchmarks and holding greater AUD cash positions. Outright trading is short term, and tends to focus on relative value trades, such as AGB curve movements and spreads to swaps and futures.		No
Austria	More “Real money” investors due to higher yields.		No
Belgium	Activity is very concentrated on the 5yr, 10yr and 30yr benchmarks		No
Brazil	In recent months we have seen volatility in financial markets. Many factors contributed to that, such as global inflation risks, geopolitical issues, restrictive monetary policy in major economies throughout the world and worries regarding global recession. In the domestic market we have seen volatility related to proximity of elections and political uncertainties. The volatility and the interest rate dynamics made investors averse of longer maturities during the first semester of 2022. We issued below average volumes of longer bonds during the months of January and February. In March and April we had reduced total issuance volumes, mainly due to decrease in demand for floating rate bonds.	Yes
Bulgaria	Due to the high volatility in the European and global markets, which is reflected in the Republic of Bulgaria, the investor base is turning to shorter-term government securities.		No
Canada	N/A		No
Chile	We have observed volatile behavior related to political risk in certain cases, and to external event in others.	Yes
Colombia	The behavior of the investors in general has been stable and consistent during the last years.		No
Costa Rica	We pay more interest rate.	Yes
Croatia	Lower investor total demand		No
Czech Republic	There have been no significant long-term changes in investor behaviour.		No
Denmark	Most investors is hesitant to buy in the current market environment.		No
Estonia	Estonia is not a frequent issuer.		No
Finland			No
France			No
Germany			No
Greece			No
Hungary	Retail investors have bought large volumes of wholesale government securities.		No
Iceland	More correlation with global bond markets.		No
Ireland			No
Israel	Increased demand for shorter bonds.		No
Italy	During recent months, investors showed a greater risk aversion. Considering recent changes in liquidity conditions and market uncertainties, they have become more selective in investment choices, also looking for higher returns.		No
Japan			No
Korea			No
Republic of Latvia	Lower demand for Latvia’s securities, especially for longer tenors.		No
Lithuania	Smaller demand, lesser bids, in some cases total risk-off and even sell-off		No
Luxembourg			No
Mexico (Local)	Internal market debt / External market debt In recent months, given the rise in the interest rates by most of the central banks around the world and an increase in uncertainty about recession in the next months, there has been a decrease of investor´s appetite for duration.		No
Netherlands	Don’t have a lot of information about investor behavior on the secondary market so not enough information to provide a decent answer here		No
New Zealand			No
Norway	Not to a large extent		No
Poland	Rising inflation, monetary policy tightening, fears of economic slowdown and geopolitical risks had negative influence on investors risk appetite and thus the level of Treasury securities yields and market liquidity.		No
Portugal	The volatility has played a relevant role in the functioning of the market and has discouraged some Investors to add exposure.		No
Romania	Investor behavior is risk driven in the recent months and we have experienced an overall decrease in the demand for our government bonds (both domestic and external) due to this risk aversion caused mainly by the global inflation and cost of living crisis, energy crisis and the geopolitical situation related to the Russia-Ukraine conflict.		No
Slovak Republic	Investors are more cautious before placing bids in auctions.		No
Slovenia			No
Spain	Overall the variety of global risks, such as geopolitical tensions, rising inflation, possible gas and energy shortages, among others, have led to increased volatility in markets, more uncertainty and a lower risk-appetite from investors.		No
Sweden			No
Switzerland	The demand for ultra-long maturities has increased in the last few months, this trend held even in times when yields were decreasing and the yield curve became inversed. At the same time, secondary market liquidity in the long end of our yield curve slightly decreased, as buy and hold investors took up a large part of our issuance volume. Overall, the changes have not limited us in our issuance program.	Yes
Türkiye	Due to Covid-19 effects on domestic as well as global economies and global political climate, markets and investors are affected by the uncertainties on production and prices.	Yes
UK	Investor demand has shifted focus lower down the curve.		No

Table A B.25. Q26 Please describe the behaviour of non-resident investors during recent stressed periods (e.g., February 2022).

Country	Comments
Australia	Although non-resident investors still seem to retain a high degree of confidence in the AUD & AGB markets exemplified by the limited structural change in investor composition, under period of stress their behaviors do change. Generally this is typified by selling and a return to a investors home market a reduction in benchmark holdings and/or duration and often less trading.
Austria	Overall the share of non-domestic investors decreased slightly in the past months.
Belgium
Brazil	We saw a decrease in the non-resident demand for government bonds given the greater risk aversion in the international market combined with uncertainty around the electoral scenario internally.
Bulgaria	After June 2022, we observe a decrease in the value of local currency government securities held by non-residents. Meanwhile, on 15 September the Ministry of Finance placed on the international capital markets EUR-denominated bonds in two tranches totaling EUR 2.25 billion. The first tranche is a 7-year tranche with an amount of EUR 1.5 billion and a coupon of 4.125%. The second tranche has a tenor of 12 years, its amount is EUR 0.75 billion and its coupon is 4.625%.
Canada	Non-residents were slightly less active, conservative, yet still present and more opportunistic during this period.
Chile	In general, the appetite was less, although it has recovered during the last months, but mostly in the short terms.
Colombia	In recent stressed periods (e.g. February 2022), Non-resident investors increased the demand for local bonds.
Costa Rica	We believe the behavior is the same.
Croatia	Lower investor demand
Czech Republic	There has been no significant outflow; the share of non-resident holders remains stable.
Denmark	Nothing specific.
Estonia	No information.
Finland
France	No specific change reported by PDs
Germany
Greece
Hungary	After February 2022, in the first few months of the war in Ukraine, we haven’t seen any significant, systematic outflows from non-resident investors. In fact, their auction demand has remained high.
Iceland
Ireland	No observable difference.
Israel	Increased demand for shorter bonds.
Italy	Considering recent market developments, in the past months the share in total marketable Central Government securities held by non-resident investors decreased at a steady rate.
Japan	In early February 2022, global interest rates increased as foreign central banks tightened their monetary policies, and JGBs, especially long-term, were sold. From mid-February, under a global risk-off sentiment after Russia’s invasion of Ukraine, JGBs were bought again.
Korea	Foreign investment shows constant net inflows
Republic of Latvia	Non-residents have become slightly cautious, but the demand in auctions reflects still good interest for Latvia government securities.
Lithuania	They sold off our bonds
Luxembourg
Mexico (Local)	Internal market debt During recent periods of stress (e.g. in February of this year), we have seen a decrease in non-resident holdings of nominal rate instruments, while holdings of real rate instruments have increased. In February of this year, we observed a monthly increase of 9.74% in holdings of inflation-linked bonds and a monthly decrease of 1.29% in holdings of fixed rate bonds.
Mexico (External)
Netherlands	We do not have enough data to monitor this behaviour
New Zealand	Offshore investors increased their holdings of New Zealand Government Bonds in February 2022.
Norway	Non-resident investors have held a stable ownership share of Norwegian government bonds through 2022. We have not seen large movements in this in relation to specific events.
Poland	Despite market uncertainty, non-residents holdings were gradually rising in 2022. In our opinion it was the result of significant yield increase.
Portugal	When Ukrainian and Russian tensions started between February and March investors held their positions with a very small increase in net buying. However, in the next couple of months they increased their net buying significantly.
Romania	The demand expressed by non-residents was greatly reduced as there were also exits from the remitted bonds. With the increase in yields in August, an increased demand from non-residents was observed
Slovak Republic	The demand in regular auctions is less stable than from domestic investors.
Slovenia	We have not noticed any significant deviations in behavior of eurozone investors in Slovenia bonds during the first half of 2022.
Spain	Overall non-resident investor holdings have stayed relatively stable during 2022, not reacting to any specific stress periods. We have seen a slight decrease in their share of our holdings in 2022, falling from around 42,9% to the current 41,5%. However, this is only a slight decrease, and doesn’t correspond to any specific stress periods. For example, there was hardly any change in non-resident holdings of Spanish Public Debt during the month of February, mentioned in the question. This shows that non-resident investors in Spanish Public Debt have not have strong reactions during stress periods.
Sweden	Some non-resident investors has expressed their views about market liquidity more frequent
Switzerland	Despite the high volatility and uncertainty regarding monetary policy and economic activity, there was an increase in duration risk appetite. We tapped most of our ultra-long maturities in the last few auctions and received large amount of bids. The amount was much larger than the total bids received for shorter maturities that we tapped on the same auction dates. At the same time, longer dated bonds got even more expansive in relation to swap rates than shorter maturities. Non-resident investors are only a minor part of our investor base. As they invest much more opportunistically than our domestic investors, this is not concerning to us.
Türkiye	Due to the ongoing global volatility, we have experienced that investors have become more cautious when it comes make investment decisions. new issuance premium levels are elevated compared to 2021. Decrease in secondary market trading in domestic market.
UK	Non-resident investors have traditionally been active and continued to be active during recent stressed periods in the short-end of the conventional yield curve

Table A B.26. Q27 Please indicate your observations as to changes in investor demand for government securities over the last 9 months:

Table 1/3

	Investor base
	Domestic Investors (overall/main trend)			Foreign Investors (overall/main trend)
	For short-term securities	For medium and long-term maturities	For indexed securities	For short-term securities	For medium and long-term maturities	For indexed securities
Australia	Increased Demand	Decreased Demand	Similar Demand	Decreased Demand	Similar Demand	Similar Demand
Austria	Decreased Demand	Similar Demand	Not applicable	Increased Demand	Similar Demand	Not applicable
Belgium	Similar Demand	Increased Demand	Not applicable	Increased Demand	Increased Demand	Not applicable
Brazil	Similar Demand	Increased Demand	Decreased Demand	Similar Demand	Decreased Demand	Decreased Demand
Bulgaria	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable
Canada	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand
Chile	Decreased Demand	Similar Demand	Increased Demand	Increased Demand	Similar Demand	Similar Demand
Colombia	Increased Demand	Increased Demand	Increased Demand	Similar Demand	Increased Demand	Increased Demand
Costa Rica	Similar Demand	Similar Demand	Increased Demand	Similar Demand	Similar Demand	Not applicable
Croatia	Decreased Demand	Decreased Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable
Denmark	Similar Demand	Decreased Demand	Increased Demand	Increased Demand	Decreased Demand	Similar Demand
Estonia	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable
Finland	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable
France	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand
Germany	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand
Greece	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable
Hungary	Increased Demand	Similar Demand	Increased Demand	Not applicable	Decreased Demand	Not applicable
Iceland	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand
Ireland	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand
Israel	Increased Demand	Similar Demand	Increased Demand	Increased Demand	Similar Demand	Increased Demand
Italy	Decreased Demand	Increased Demand	Increased Demand	Decreased Demand	Decreased Demand	Decreased Demand
Japan	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand
Korea	Increased Demand	Similar Demand	Similar Demand	Not applicable	Not applicable	Not applicable
Republic of Latvia	Not applicable	Increased Demand	Not applicable	Not applicable	Decreased Demand	Not applicable
Lithuania	Increased Demand	Decreased Demand	Not applicable	Similar Demand	Decreased Demand	Not applicable
Luxembourg	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable
Mexico (Local)	Increased Demand	Increased Demand	Decreased Demand	Increased Demand	Similar Demand	Decreased Demand
New Zealand	Increased Demand	Similar Demand	Increased Demand	Increased Demand	Increased Demand	Increased Demand
Norway	Similar Demand	Similar Demand		Similar Demand	Similar Demand
Poland	Increased Demand	Increased Demand	Increased Demand	Decreased Demand	Increased Demand	Decreased Demand
Portugal	Increased Demand	Increased Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable
Romania	Decreased Demand	Increased Demand	Decreased Demand	Decreased Demand	Decreased Demand	Similar Demand
Slovak Republic	Increased Demand	Increased Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable
Slovenia	Increased Demand	Decreased Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable
Spain	Similar Demand	Increased Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand
Sweden	Increased Demand	Increased Demand	Decreased Demand	Not applicable	Decreased Demand	Not applicable
Switzerland	Decreased Demand	Increased Demand	Not applicable	Decreased Demand	Increased Demand	Not applicable
Türkiye	Increased Demand	Increased Demand	Increased Demand	Decreased Demand	Decreased Demand	Decreased Demand
UK	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Not applicable

Table A B.27. Q27 Please indicate your observations as to changes in investor demand for government securities over the last 9 months:

Table 2/3

	And by specific investor type:
	Domestic investors:
	Banks			Central Bank*			Institutional Investors (Pension, insurance and SWFs)			Asset managers and hedge funds			Others (Retail investors etc.)
	For short-term securities	For medium and long-term maturities	For indexed securities	For short-term securities	For medium and long-term maturities	For indexed securities	For short-term securities	For medium and long-term maturities	For indexed securities	For short-term securities	For medium and long-term maturities	For indexed securities	For short-term securities	For medium and long-term maturities	For indexed securities
Australia	Increased Demand	Decreased Demand	Decreased Demand	Not applicable	Decreased Demand	Not applicable	Decreased Demand	Similar Demand	Similar Demand	Decreased Demand	Similar Demand	Similar Demand	Decreased Demand		Not applicable
Austria	Similar Demand	Decreased Demand	Not applicable	Increased Demand	Increased Demand	Not applicable	Increased Demand	Decreased Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable
Belgium	Decreased Demand	Decreased Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable	Decreased Demand	Increased Demand	Not applicable	Increased Demand	Increased Demand	Not applicable	Similar Demand	Decreased Demand	Not applicable
Brazil	Similar Demand	Increased Demand	Decreased Demand	Not applicable	Not applicable	Not applicable	Similar Demand	Similar Demand	Increased Demand	Similar Demand	Increased Demand	Decreased Demand	Similar Demand	Decreased Demand	Increased Demand
Bulgaria	Not applicable	Similar Demand	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Similar Demand	Not applicable
Canada	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand
Chile	Decreased Demand	Increased Demand	Increased Demand	Not applicable	Not applicable	Not applicable	Similar Demand	Increased Demand	Increased Demand	Decreased Demand	Similar Demand	Similar Demand	Increased Demand	Similar Demand	Similar Demand
Colombia	Decreased Demand	Increased Demand	Increased Demand	Increased Demand	Increased Demand	Similar Demand	Increased Demand	Increased Demand	Increased Demand	Similar Demand	Similar Demand	Decreased Demand	Decreased Demand	Increased Demand	Decreased Demand
Costa Rica	Similar Demand	Similar Demand	Increased Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Increased Demand				Similar Demand	Similar Demand	Increased Demand
Croatia	Similar Demand	Similar Demand	Not applicable	Not applicable	Not applicable	Not applicable	Decreased Demand	Increased Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable	Similar Demand	Similar Demand	Not applicable
Denmark	Decreased Demand	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Similar Demand	Similar Demand	Increased Demand	Similar Demand	Decreased Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand
Estonia	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable	Not applicable	Not applicable
Finland	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Not applicable	Not applicable	Not applicable
France	Similar Demand	Similar Demand	Similar Demand	Not applicable	Not applicable	Not applicable	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Not applicable	Not applicable	Not applicable
Germany
Greece	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Not applicable	Not applicable	Not applicable
Hungary	Increased Demand	Similar Demand	Not applicable	Not applicable	Not applicable	Not applicable	Increased Demand	Similar Demand	Not applicable	Increased Demand	Similar Demand	Not applicable	Increased Demand	Decreased Demand	Increased Demand
Iceland
Ireland	Similar Demand	Similar Demand		Similar Demand	Similar Demand		Similar Demand	Similar Demand		Similar Demand	Similar Demand		Similar Demand	Similar Demand
Israel	Increased Demand	Increased Demand		Not applicable	Not applicable	Not applicable	Increased Demand	Increased Demand	Decreased Demand	Similar Demand	Similar Demand	Similar Demand	Increased Demand	Increased Demand	Decreased Demand
Italy	Decreased Demand	Increased Demand	Increased Demand	Decreased Demand	Increased Demand	Increased Demand	Decreased Demand	Increased Demand	Increased Demand	Decreased Demand	Similar Demand	Increased Demand	Decreased Demand	Similar Demand	Increased Demand
Japan	Similar Demand	Similar Demand	Not applicable	Not applicable	Not applicable	Not applicable	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand
Korea	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Republic of Latvia	Not applicable	Increased Demand	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable	Decreased Demand	Not applicable	Not applicable	Decreased Demand	Not applicable
Lithuania	Increased Demand	Decreased Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Similar Demand	Decreased Demand	Not applicable	Similar Demand	Decreased Demand	Not applicable	Increased Demand	Increased Demand	Not applicable
Luxembourg	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable
Mexico (Local)	Increased Demand	Increased Demand	Increased Demand	Not applicable	Not applicable	Not applicable	Increased Demand	Increased Demand	Increased Demand	Increased Demand	Increased Demand	Increased Demand	Increased Demand	Increased Demand	Increased Demand
New Zealand
Norway	Similar Demand	Similar Demand	Not applicable	Not applicable	Not applicable	Not applicable	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable
Poland	Increased Demand	Increased Demand	Increased Demand	Similar Demand	Similar Demand	Similar Demand	Decreased Demand	Increased Demand	Decreased Demand	Not applicable	Not applicable	Not applicable	Increased Demand	Increased Demand	Increased Demand
Portugal	Increased Demand	Increased Demand	Not applicable	Increased Demand	Increased Demand	Not applicable	Increased Demand	Increased Demand	Not applicable	Similar Demand	Increased Demand	Not applicable	Increased Demand	Increased Demand	Not applicable
Romania	Decreased Demand	Increased Demand	Not applicable	Not applicable	Not applicable	Not applicable	Decreased Demand	Increased Demand	Not applicable	Decreased Demand	Similar Demand	Not applicable	Increased Demand	Decreased Demand	Not applicable
Slovak Republic	Increased Demand	Increased Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable	Increased Demand	Increased Demand	Not applicable	Increased Demand	Increased Demand	Not applicable	Not applicable	Not applicable	Not applicable
Slovenia	Increased Demand	Decreased Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable	Increased Demand	Similar Demand	Not applicable	Increased Demand	Decreased Demand	Not applicable	Similar Demand	Decreased Demand	Not applicable
Spain	Increased Demand	Increased Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Increased Demand		Similar Demand			Increased Demand	Increased Demand
Sweden
Switzerland
Türkiye	Increased Demand	Increased Demand	Increased Demand	Not applicable	Not applicable	Not applicable	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand
UK	Similar Demand	Not applicable	Not applicable	Decreased Demand	Decreased Demand	Not applicable	Not applicable	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Not applicable	Not applicable	Not applicable

Table A B.28. Q27 Please indicate your observations as to changes in investor demand for government securities over the last 9 months:

Table 3/3

	And by specific investor type:
	Foreign investors:
	Banks			Central Bank			Institutional Investors (Pension, insurance and SWFs)			Asset managers and hedge funds			Others (Retail investors etc.)
	For short-term securities	For medium and long-term maturities	For indexed securities	For short-term securities	For medium and long-term maturities	For indexed securities	For short-term securities	For medium and long-term maturities	For indexed securities	For short-term securities	For medium and long-term maturities	For indexed securities	For short-term securities	For medium and long-term maturities	For indexed securities
Australia	Decreased Demand	Decreased Demand	Not applicable	Decreased Demand	Increased Demand	Not applicable	Not applicable	Similar Demand	Similar Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable	Not applicable
Austria	Similar Demand	Increased Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Similar Demand	Increased Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable
Belgium	Increased Demand	Increased Demand	Not applicable	Decreased Demand	Increased Demand	Not applicable	Similar Demand	Increased Demand	Not applicable	Increased Demand	Increased Demand	Not applicable	Increased Demand	Increased Demand	Not applicable
Brazil
Bulgaria	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Canada	Similar Demand	Similar Demand	Similar Demand	Increased Demand	Increased Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Decreased Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand
Chile
Colombia
Costa Rica	Similar Demand	Increased Demand	Not applicable										Similar Demand	Similar Demand	Increased Demand
Croatia	Decreased Demand	Decreased Demand	Not applicable	Not applicable	Not applicable	Not applicable	Decreased Demand	Decreased Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable
Denmark
Estonia	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable	Not applicable	Not applicable
Finland	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Not applicable	Not applicable	Not applicable
France	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand	Not applicable	Not applicable	Not applicable
Germany
Greece	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Not applicable	Not applicable	Not applicable
Hungary	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Iceland
Ireland	Similar Demand	Similar Demand		Similar Demand	Similar Demand		Similar Demand	Similar Demand		Similar Demand	Similar Demand		Similar Demand	Similar Demand
Israel	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Italy	Decreased Demand	Decreased Demand	Increased Demand	Decreased Demand	Decreased Demand	Increased Demand	Increased Demand	Decreased Demand	Increased Demand	Increased Demand	Decreased Demand	Decreased Demand	Similar Demand	Decreased Demand	Increased Demand
Japan	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Korea	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Republic of Latvia	Not applicable	Decreased Demand	Not applicable	Not applicable	Decreased Demand	Not applicable	Not applicable	Decreased Demand	Not applicable	Not applicable	Decreased Demand	Not applicable	Not applicable	Decreased Demand	Not applicable
Lithuania	Increased Demand	Decreased Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable	Not applicable	Not applicable	Not applicable
Luxembourg	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable
Mexico (Local)	Similar Demand	Similar Demand	Similar Demand	Not applicable	Not applicable	Not applicable	Decreased Demand	Increased Demand	Increased Demand	Decreased Demand	Increased Demand	Increased Demand	Similar Demand	Similar Demand	Similar Demand
New Zealand
Norway			Not applicable			Not applicable			Not applicable			Not applicable			Not applicable
Poland	Decreased Demand	Increased Demand	Decreased Demand	Decreased Demand	Decreased Demand	Similar Demand	Decreased Demand	Increased Demand	Decreased Demand	Similar Demand	Similar Demand	Similar Demand	Decreased Demand	Increased Demand	Similar Demand
Portugal	Decreased Demand	Increased Demand	Not applicable	Decreased Demand	Increased Demand	Not applicable	Similar Demand	Decreased Demand	Not applicable	Decreased Demand	Increased Demand	Not applicable	Increased Demand	Decreased Demand	Not applicable
Romania	Decreased Demand	Decreased Demand	Not applicable	Not applicable	Not applicable	Not applicable	Decreased Demand	Decreased Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable
Slovak Republic	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable	Not applicable	Not applicable	Not applicable
Slovenia	Decreased Demand	Decreased Demand	Not applicable	Decreased Demand	Similar Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable	Similar Demand	Decreased Demand	Not applicable	Decreased Demand	Decreased Demand	Not applicable
Spain	Similar Demand	Similar Demand	Similar Demand	Increased Demand	Similar Demand	Similar Demand	Decreased Demand	Increased Demand	Similar Demand	Similar Demand	Increased Demand	Similar Demand	Similar Demand	Similar Demand	Similar Demand
Sweden
Switzerland
Türkiye	Decreased Demand	Decreased Demand	Decreased Demand	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
UK	Similar Demand	Not applicable	Not applicable	Similar Demand	Not applicable	Not applicable	Similar Demand	Similar Demand	Not applicable	Similar Demand	Similar Demand	Not applicable	Not applicable	Not applicable	Not applicable