Morgan Stanley's latest report highlights significant variations in global government bond issuance, with the U.S. leading the charge. The U.S. plans to re-open its 20-year Treasury for $13 billion and 5-year TIPS for $22 billion, against $5.1 billion in coupons and $62 billion in redemptions. This issuance is part of a broader strategy to manage a net DV01 of $25.4 million/bp for the week beginning December 16, 2024. In contrast, the Euro area anticipates zero net issuance, with €34 billion in supply against €10.9 billion in coupons and €15.3 billion in redemptions, resulting in a net issuance of €7.8 billion over the next five weeks. Japan's issuance strategy includes a 20-year JGB for ¥1 trillion, offset by ¥1.8 trillion in coupons and ¥17.1 trillion in redemptions, reflecting a net DV01 of -$8 million/bp. These issuance patterns underscore the diverse fiscal strategies employed by major economies to navigate current market conditions, as noted by Morgan Stanley's strategist Matthew Hornbach.