16 Jun 2025
Eurex
Eurex Repo Monthly News May 2025
Market briefing: ''Continued mixed signals from term volume: Further rise in term volumes for GC Pooling and a decline of term volumes in Special Repo''
by Frank Gast and Carsten Hiller, Eurex Repo
Market briefing: ''Continued mixed signals from term volume: Further rise in term volumes for GC Pooling and a decline of term volumes in Special Repo''
by Frank Gast and Carsten Hiller, Eurex Repo
In May 2025, markets showed continued recovery on a year-over-year basis in GC Pooling with a strong increase in term-adjusted volumes of +15%. The Repo segment declined in the same period by -20%. Overall term-adjusted volumes (TAV) declined by -5% but remained strong on a May 2025 to May 2024 comparison, increasing by close to +30%.
Outstanding and Traded Volumes
Compared to May 2024, the outstanding volumes for all markets grew by +11%, with an increase of +29% for GC Pooling and a slight decrease of -3% for the Repo segment. On a year-over-year level, the overall outstanding volumes slightly decreased by -4%, with an increase for the GC Pooling segment of +8.5% and a decline of -14% for the Repo segment.
Traded volume increased slightly on a year-over-year basis for all segments by +4%, with an increase of +8.5% for the GC Pooling segment and a decrease of -14% for the Repo segment.
Spreads and Collateral
The spread between the ECB and ECB EXT basket traded between 0.9 basis points and 1.5 basis points during the month. The ECB basket repo rate traded mainly close to the ECB deposit rate and sometimes slightly above. The ECB EXT basket repo rate traded mainly at the ECB deposit rate but more often than the ECB basket repo rate above the Deposit rate.
The STOXX GC Pooling Rat Volume for May, which aggregates all Overnight, TomNext, and SpotNext traded volumes from the order book in the ECB and ECB EXT baskets, averaged around EUR 20.0 billion per day, slightly down from April 2025 (EUR 22.3 billion).
GC & Specials
Overall SSA volumes went down by 14% compared to April but remained at high levels throughout the year. On a year-over-year basis, the average volume in the SSA segment increased by 95% compared to the same period last year. EU bonds volumes were slightly lower compared to April (-3%), but still showed high trading volume year-over-year in 2025 so far, with an average volume of 2.2 times the trading volume compared to the same period last year.
Bunds traded volumes saw a high increase in May 2025 compared to April 2025 of +18% and an increase compared to May 2024 of +19%. Overall, on a year-over-year comparison, traded volume slightly decreased in Bunds by -3%.
A further increase in traded volumes in GC Italian Government bonds (mainly Italian 10-year Government bonds) was seen during the course of the month. In addition, a notable series of transactions of GC Spanish, Belgian, and SSA 10-year bonds were observed as well.
GC Pooling
GC Pooling continues its upward trend, with term-adjusted volume continuing to rise year-over-year by +15% for the average volume from January to May 2025. The repo rate traded closer to the ECB deposit rate during the month, with some upward trades, especially later in the day. Month-end trading was seamless, with some trades in the ECB basket by less than 50 basis points from the deposit rate down to 2.00% (lowest rate). The main traded volume took place in the short-term buckets (up to one week), but substantial trading volume was also seen for 2 weeks, 3, 6, and 12 months buckets.
Events - save the date
Annual ISLA Conference
📍 Madrid | 17-19 June 2025
Repo Roundtable and Eurex Get-Together
📍 Paris | 24 June 2025
📍 Brussels | 2 July 2025
In case you are interested to join, please send an email to repo.sales@eurex.com.
ISLA Madrid
📍 Hotel Puerta America | 17-19 June 2025
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Participants: 167
