**Traders assign an 81.5% implied probability to “No” on a snap election (Neuwahl) being called in Saxony-Anhalt in 2026.** The September 6, 2026, regular Landtag election produced a fragmented result, with the AfD taking 39 of 83 seats on 43.8% of the vote but falling three short of an absolute majority. Other parties have upheld a firewall against AfD-led government formation, while the AfD and BSW secured the Landtag presidency on October 6. A Minister-President vote is scheduled for mid-December under the state constitution’s secret-ballot rules, which require an absolute majority in the first two rounds. No parliamentary dissolution has been proposed, and constitutional pathways to an early election—failed Minister-President ballots leading to self-dissolution or a successful no-confidence motion—remain untriggered as of mid-October. The caretaker CDU-SPD-FDP administration continues, and parties are focused on December negotiations rather than immediate dissolution. These factors underpin the market’s expectation that 2026 will conclude without a snap election.