Apr 16, 2026
Eurex
Eurex Repo Market Briefing April 2026
Term funding momentum accelerates on sustained volatility
by Frank Gast and Carsten Hiller, Eurex Repo
Term-Adjusted Volumes
Eurex Repo, Eurex’s leading electronic market for secured funding and financing, delivered another very strong performance in March, further consolidating the exceptionally strong start to 2026. Total average term-adjusted volumes (TAV) reached EUR 530 billion, representing a 66% increase year-on-year compared with March 2025.
Growth remained broad-based across both market segments. The GC Pooling segment recorded average term-adjusted volumes of EUR 277 billion, up 85% year-on-year, reflecting persistent demand for standardized term funding across the curve. The Repo segment also continued to expand meaningfully, reaching EUR 254 billion, an increase of 48% versus the prior year.
Looking at the broader picture, the first quarter of 2026 marked an outstanding period for Eurex Repo. Total average term-adjusted volumes in Q1 2026 rose by 71% compared with Q1 2025, reaching EUR 558 billion. The Repo segment proved particularly dynamic, advancing 79% year-on-year, while GC Pooling grew by a solid 63%, underlining the structural nature of the increase in term funding activity.
This strong term activity unfolded against a backdrop of elevated geopolitical uncertainty. Escalating tensions following the conflict between Iran and the US triggered sharp volatility across financial markets, driving higher margin requirements and increasing secured financing needs. At the same time, rising oil prices fuelled renewed inflation concerns, prompting a pronounced shift in interest rate expectations. By mid-March, previously anticipated rate cuts in the euro area had been fully priced out, with markets instead moving to price a 25 bp ECB rate hike at the April meeting. These dynamics were reflected in significant intramonth volatility, particularly in 1-year €STR OIS, which also influenced term repo trading patterns, notably in GC Pooling.
Outstanding and Traded Volumes
Outstanding volumes showed further strong growth, pointing to sustained engagement across the Eurex Repo markets. Compared with March 2025, overall outstanding volumes increased by 69%, with both GC Pooling and Repo reaching new record highs, culminating in a fresh peak just before quarter end on 30 March 2026.
Trading activity developed in parallel. Average daily traded volumes in Q1 2026 were 36% higher year-on-year, confirming that the rise in outstanding balances continues to be supported by healthy day-to-day liquidity. The increase remained led by GC Pooling, where traded volumes advanced 44%, while the Repo segment recorded a solid 25% growth compared with Q1 2025.
GC & Specials – EUR Government Bonds
Activity in single-ISIN trading showed some short-term differentiation across sovereign markets in March. Bund special repo volumes declined modestly, falling 4% compared with February and standing 21% lower year-to-date compared with Q1 2025 averages.
Nevertheless, the broader picture for EUR government bonds remains very strong. Traded volumes across EUR govies increased by 29% in Q1 2026 compared with Q1 2025, confirming continued high demand for sovereign collateral. Among individual markets, French government bonds continued to gain prominence, with average daily traded volumes rising 2% in March, increasing their share to 26% of overall Repo segment activity (GC and Specials).
From a term perspective, turnover remained elevated toward quarter end. Large volumes in German and Spanish government bonds were traded through to early May, while Bunds continued to trade in good size until mid-May. OATs extended further, trading actively until the end of June, and Spanish government bonds saw significant term flows reaching into early July, underlining the continued appetite for longer-dated secured funding.
SSAs and EU Bonds
Trading activity in Supranationals, Agencies and Covered Bonds remained robust. In Q1 2026, traded volumes in SSAs increased by 10% compared with the January-March 2025 average. Over the same period, traded volumes in EUR government bonds rose by 29%, highlighting the strong overall collateral demand environment.
EU Bonds continued to trade at elevated levels in March. On a quarterly basis, EU bond trading volumes increased by 61% in Q1 2026 compared with 2025, firmly establishing EU issuance as a core collateral class at Eurex Repo. In addition to activity in GC and Special Repo, a significant amount of EU bonds was also allocated through GC Pooling, further supporting liquidity across segments.
The share of EU bonds within Supranational and Agency trading volumes increased to 64% in the Repo segment, underlining the structural shift toward EU collateral within secured funding markets.
GC Pooling
GC Pooling once again played a central role in overall activity. Average daily traded volumes increased by 2% compared with February and by 51% year-on-year, confirming the continued expansion of this segment.
In the ECB basket, term activity in standard tenors between 6 and 12 months remained stable, while trading in the EXT and INTMXQ baskets was predominantly concentrated in the 1-month tenor. Despite elevated rate volatility earlier in the month, activity remained resilient across baskets.
From a pricing perspective, term premia in the ECB basket for 6-, 9- and 12-month maturities declined compared with February, when measured against €STR OIS.
Spreads and Collateral – Quarter-End Dynamics
Quarter-end passed smoothly in both GC and special repo markets. In GC Pooling, the ECB basket STOXX index fixed at 1.996%, while the EXT basket fixed at 2.002%, around 3-4 basis points lower than at the beginning of March. This pattern – slightly higher overnight levels early in the month, followed by gradual easing – has been consistently observed in recent months.
The average overnight rate in March stood at 2.00% in the ECB basket and 2.015% in the EXT basket, with the spread between the two baskets widening marginally by 0.2 bp on average.
Special repo markets also remained orderly over quarter end. German Bunds and French OATs traded on average around 2 bp lower, while the spread between Bunds and OATs remained stable at approximately -9 bp.
ECB liquidity conditions were also notable, with the ECB’s MRO rising to EUR 17.06 billion, the highest level since year-end 2025, before subsequently easing back to EUR 11.9 billion for beginning of April.
