Citi's latest Weekly Supply Monitor reveals a notable pause in European government bond (EGB) issuance next week, while the U.S. Treasury plans to issue $35 billion across the 20-year sector and 5-year TIPS. This issuance is expected to have a DV01 of approximately $32 million per basis point, indicating the interest rate sensitivity of the new supply. In the UK, the Debt Management Office (DMO) will issue £3.75 billion of 4.125% July 2029 gilts, with a DV01 of around £1.6 million per basis point. Citi's report underscores the absence of cash flows eligible for reinvestment in both the U.S. and UK markets, highlighting a period of net issuance without offsetting redemptions. This issuance activity comes amid a broader context of stable global supply, as Europe sees no new EGB supply or reinvestment opportunities in the coming week.