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German bond Q4 bond issuance cut E8bln; bubill target cut E23bln

EUROZONE ISSUANCE
  • The German Q4 issuance plans see capital market issuance cut by E8bln, with E23bln less raised via bubills.
  • This is broadly in line but slightly higher than expectations we had seen. However, a E8bln change isn't going to have a huge market impact on the wider bond market (there's likely to be more impact at the short-end given the bubill cuts).

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