2019 ISSUANCE: The Federal Government is....>

GERMANY: 2019 ISSUANCE: The Federal Government is targeting total issuance of

E199bln, of which E156bln will come from capital markets and E43bln from money

market instruments. The majority of issuance will come from Schatz, Bobls and

Bunds. Inflation-linked issuance will be E6-10bln. 

- Schatz (E55bln): 12 auctions in E4-5bln size. The Dec-20 Schatz issued in Nov

2018 will be increased by E5bln in January. 4 new issues are planned in 2019,

followed by 2 re-openings for each.

- Bobls (E43bln): 12 auctions in E3-4bln size. 2 new issues: April-24 Bobl (in

Jan) and Oct-24 Bobl(in Jul) with 5 subsequent re-openings for each.

- Bunds, 10Y (E44bln): 14 auctions in E3-4bln size. 2 new issues: Feb-29 (in

Jan) and Aug-29 (in Jul) with 6 subsequent re-openings for each.

- Bunds, 30Y (E14bln): 11 auctions in E1-2bln size. A new Aug-50 Bund will be

issued in Aug with 2 re-openings.

- Bubills (E43bln): 18 auctions; 6 new 6-month Bubill issues per year and

re-openings after 1 and 3 months.

- Linkers (E6-10bln): Offered monthly, except in Aug and Dec.