market anticipation.

Dutch Pension Fund Transition in 2026 to Drive EUR Curve Steepening and Credit Flows

We are increasingly confident that around €600bn of assets will transition on 1 January 2026, bringing about significant flows in longer-dated bonds and swaps. Markets are closely watching, with 10s30s steepening on headlines. Credit should benefit from the transition, with most flow funds only coming in in after 1 Januarya