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Germany 2023 funding plans (2/3)


Details of captial market auctions:

  • Schatz: 13 auctions E74bln (up from E67bln in 2022). 4 new issues. Launch auctions of E6ln and reopenings of E5.5-6.0bln (expect January E5.0bln).
  • Bobls: 12 auctions E56bln (up from E44bln in 2022). 2 new issues. E5bln auctions until 8 August then E4bln thereafter.
  • 7-year Bund: 10 auctions E35bln (up from E8bln in 2022 - the original 2022 plans had seen no 7-year Bund issuance). Auction sizes E3-4bln. Taps of 2.10% Nov-29 Bund then new issue in July with further taps.
  • 10-year Bund: 14 auctions E65bln (up from E56bln in 2022). 2 new issues. Auctions of E4-5bln.
  • 15-year Bunds: "Several multi-ISIN auctions" with E19.5bln planned (up from E14.5bln in 2022).
  • 30-year Bund: "Several multi-ISIN auctions" with E24.5bln (up from E10.5bln in 2022).

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