EU government bond trading volume slumped to the lowest on record, with the average daily trading volumes falling 20.3% in the third quarter from the previous quarter, according to the Association for Financial Markets in Europe, or AFME.

On a yearly basis, average daily trading volume declined by 7.2%, driven by significant decreases in Swedish and German trading of 46% and 18%, respectively. The result was partially offset by increases in Ireland, Belgium and Hungary, the AFME said.

Gross issuance of European government bonds and bills amounted to €574.2 billion in the third quarter, down 2.1% from the volume issued in the previous three-month period and 2.6% from the volume issued in the same quarter in 2017.