全球利率供应展望：未来几周的发行和现金流

GlobalRatesSupply Outlook Issuanceand cash flows for the weeks ahead Global ◆This week the US Treasury will have no auctions Robert PrestonRates AnalystHSBC Bank plcrobert.preston@hsbc.com ◆We estimate cEUR23bn of EGB supply, while the UK DMOwill reopen the 11Ygreengilt and 9Y index-linked gilt Ella HewittEmerging Markets StrategistHSBC Bank plcella.hewitt@hsbc.com ◆India and Mexico lead EM supply this week DM supply There will be no issuance from the US Treasury this week. In Europe, it is also arelatively quiet week in terms of number of auctions. However, the planned supplyvolumesare high withGermany, France, and Spain all comingtothemarket this EM supply We are still awaiting several June auction calendars, so the amount of supply this weekcould be higher than our projection. India will lead EM supply in terms of magnitude, asusual, with Mexico trailing in second. The Philippines will issue a relativelylarge amountof bonds, comparedwiththeir four-week average,on Tuesday 2June. In CEEMEA, Contents ◆Table 1.Detailed issuance calendar for the next two weeks◆Table 2. Bill supply in the upcoming week◆Table3.Gross supply by maturity bucket for the next two weeks◆Table4.Cashflow matrix for the next two weeks Issuer of report:HSBC Bank plcView HSBC Global Investment Research at: Disclaimer & Disclosures This report must be read with the disclosures and the analyst certifications inthe Disclosure appendix, and with the Disclaimer, which forms part of it. EM EXD supply and maturities Supply-related publications ◆Asia-Pacific Rates(21May2026) ◆CEEMEA Rates(18 May2026) Eurozone Rates(13 May 2026) US Treasury Refunding(6 May 2026) ◆LatAm Rates(22 April 2026) Fed Balance Sheet(14 April 2026) Fixed Income Views(1 April 2026) ◆US Rates(30 March 2026) ◆SSA Monitor(5 March 2026) UK Rates Strategy(3 March 2026) US Rates Outlook 2026(3 December 2025) 2026 Supply Outlook(3 November 2025) We acknowledge the assistance of Bangalore Associate Kshitiz Sharma in the production of thisreport.Kshitiz Sharmaisemployed by a non-US affiliate of HSBC Securities (USA) Inc. andis Robert PrestonRates AnalystHSBC Bank plcrobert.preston@hsbc.com Mario RoblesHead of LatAm Rates StrategyHSBC Securities (USA) Inc.mario.robles@us.hsbc.com+1 212 525 4119 Pin Ru Tan Head of APAC Rates StrategyThe Hongkong and ShanghaiBanking Corporation Limited,Singapore Branch Chris AttfieldEuropean Rates StrategistHSBC Bank plcchristopher.attfield@hsbcib.com Kristian BolsoRates StrategistHSBC Bank plckristianbolso@hsbc.com Duncan Tan APAC Rates StrategistThe Hongkong and ShanghaiBanking Corporation Limited,Singapore Branch Ella HewittEmerging Markets StrategistHSBC Bank plcella.hewitt@hsbc.com Dhiraj Narula, CFAUS Rates StrategistHSBC Securities (USA) Inc.dhiraj.narula@us.hsbc.com+1 212 525 0210 Justin HengAPAC Rates StrategistTheHongkong and ShanghaiBanking Corporation Limitedjustin.heng@hsbc.com.hk Daniela RussellHead of UK Rates StrategyHSBC Bank plcdaniela.russell@hsbcib.com+44 20 7991 1352 Shubham SharmaGlobal Rates StrategistHSBC Securities and CapitalMarkets (India) Private Limitedshubham.s.sharma@hsbc.co.in+91 80 67372651 Soumya Mohanty, CFAAnalyst, APAC Rates StrategyHSBC Securities and CapitalMarkets (India) Private Limitedsoumya.ranjan.mohanty@hsbc.co.in+91 80 6827 3548 Disclosure appendix Analyst Certification The following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s)whose name(s)appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), and any other Important disclosures Fixed income: Basis for financial analysis This report is designed for, and should only be utilised by, institutional investors.Furthermore, HSBC believes an investor's HSBC believes that investors utilise various disciplines and investment horizons when making investment decisions, whichdepend largely on individual circumstances such as the investor's existing holdings, risk tolerance and other considerations.Giventhese differences, HSBC has two principal aims in its fixed income research: 1) to identify long-term investment opportunitiesbased on particular themes or ideas that may affect the future earnings or cash flows of companies in corporate credit and basedoncountry-specific ideas or themes that may affect the performance of these bonds in the case of covered bonds, in both cases HSBC believes an investor's decision to buy or sell a bond should depend on individual circumstances such as the investor'sexisting holdings and other considerations. Different securities firms use a variety of terms as well as different systems todescribetheir recommendations