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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessGermany 2024 Funding Plan: Highlights
- 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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.