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Commerzbank Continue To See Risk Of Sub-EUR250bn Gross Issuance In ‘24

BUNDS

Commerzbank write “with the German government apparently unable to finalise the 2024 budget by the end of the year exact spending needs remain uncertain.”

  • “DFA is still likely to release its 2024 funding calendar next week, where the issuance targets will need to be based on estimates as the budget is not agreed upon yet.”
  • “Given various flexible funding instrument the DFA can utilise, this should not be a problem. We continue to see the risk of 2024 gross issuance falling below EUR250bn, which should not stand in the way of Bund ASW-spread tightening as collateral remains ample.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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