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German Q3 funding plans unchanged

EUROZONE ISSUANCE
  • German Q3 funding plans have remained unchanged with E67.5bln to be sold via capital markets and E45bln via bubills. Note that this was widely expected as the supplementary budget (which includes the planned E11bln of increased deficit) has yet to be passed - so will more likely impact Q4 issuance.
  • In terms of the 15-year multi-ISIN auctions:
    • 10 July: E1.5bln of the 1.00% May-38 Bund (ISIN: DE0001102598) alongside E500mln of another issue.
    • 7 August: E1.5bln of the 2.60% May-41 Bund (ISIN: DE000BU2F009) alongside E500mln of another issue.
    • 4 September: E1.0bln of the 2.60% May-41 Bund (ISIN: DE000BU2F009) alongside E500mln of another issue.
  • In terms of 30-year multi-ISIN auctions:
    • 17 July: E1.0bln of the 2.50% Aug-54 Bund (ISIN: DE000BU2D004) alongside E1.0bln of another issue.
    • 14 August: E1.0bln of the 2.50% Aug-54 Bund (ISIN: DE000BU2D004) alongside E1.0bln of another issue.
    • 18 September: E1.0bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614) alongside E1.0bln of another issue.

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