Europe's bond market is shifting gears. Several nations are now expected to shorten their borrowing horizons—a direct result of the Netherlands overhauling its pension framework. The reform is cutting appetite for long-dated bonds, forcing governments to recalibrate. This isn't just a policy tweak. It's reshaping how sovereign debt gets structured across the continent. Pension funds, traditionally major buyers of 20- or 30-year maturities, are pulling back. That means issuers have to adapt, pivoting toward shorter tenors to match where actual demand sits now. The ripple effects? Watch funding costs, yield curves, and how central banks respond as the maturity wall compresses.