UBS | In the euro Area €865bn of gross issuance is expected in 2016, €24bn less than 2015. We forecast the majority of countries to see a fall in issuance vs 2015. Issuance net of redemptions and coupons in 2016 is anticipated to be around +€56bn, slightly less than 2015. Net supply is non – supportive for bonds in 1Q16.