Why Europe’s biggest pension funds are dumping government bonds
European governments are on a borrowing spree. During 2026 countries in the euro area will issue sovereign debt worth €1.4trn ($1.6trn, or 9% of GDP), reckons Amundi, an asset-management firm. Meanwhile, the European Central Bank plans to slim its holdings by €400bn. Net off the debt that is due to mature, and euro-area governments must find new buyers for nearly €900bn-worth of bonds—vastly more than in any previous year.
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