December 17, 2024 08:45 GMT
EGB FUNDING UPDATE: German 2025 funding plan and calendar due 9:00GMT / 10:00CET
EGB FUNDING UPDATE
Just a reminder that at 9:00GMT / 10:00CET we will receive the 2025 German issuance plan.
- We've seen estimates range from broadly E30bln reductions in capital markets issuance relative to 2024 through to similar levels to this year's E272.5bln.
- We haven't really seen any estimates for Bubill issuance - we would assume that the market is expecting a similar proportional change to that of capital markets issuance. This would imply a E20bln reduction to broadly flat at 2024's E163bln level (from E165bln initial target).
- Together we think this would imply a very broad E400-435bln broad total issuance volume target is expected.
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