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Germany 2024 Funding Plan: Highlights

EUROZONE ISSUANCE
  • No big surprises in the German 2024 funding plan, hence the lack of market movements.
  • There is a small increase in Schatz issuance but reduced Bobl issuance.
  • 7-year Bund issuance has seen the biggest drop in the capital markets space - but that's to be expected. The 7-year Bund is always the first to be adjusted for either additional or reduced issuance. The DFA will build up the existing benchmark over the year but will not issue a new one.
  • 10/15/30-year Bund issuance broadly in line with expectations and previous.
  • The biggest adjustment in market size will be seen in Bubills. The reduction was largely expected given the recent fiscal developments but could still cause some issues with collateral and cause some shortages of bills particularly later in 2024. The quarterly run rate for Q1-23 to Q3-23 was E56-59bln; with a reduction to E38bln in Q4-23. In Q1-24 to Q3-24 that run rate will reduce to E41-45bln with Q4-24 at E38bln.
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