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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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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.