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Germany announces updated Q4 issuance plans

EUROZONE ISSUANCE

Germany will issue an additional E6bln of Bubills in Q4 compared to its originals plans (so E21.5bln to be issued in total). The volume of nominal bond issuance has not changed at E29bln.

  • Schatz: Volumes unchanged. Auction dates moved to 17 Nov and 9 Dec (instead of 24 Nov and 15 Dec).
  • Bobl: Volume E2bln + E5bln Green instead of E6bln previously. Auction of 0% Oct-25 to be E2bln instead of E3bln. Green Bobl: Replacing auction of conventional Bobl on 4 Nov with volume of E5bln.
  • 7-year Bund: No issuance planned (despite June update stating continued 7-year issuance was expected).
  • 10-year Bund (all 0% Aug-30). E6bln instead of E9bln to be issued. Auction on 18 Nov 2020 now E3bln (instead of E2bln). Auctions on 28 Oct and 9 Dec cancelled. Auction on 7 Oct unchanged at E3bln.
  • 15-year Bund: Originally not planned. 0% May-35 re-opened on 28 Oct for E2bln
  • 30 year Bund: E2bln still planned. 0% Aug50 to be issued on 14 Oct for E1bln (instead of 1.25% Aug-48).
  • Bubills: E21.5bln of issuance in Q4 vs E15.5bln previously expected.
  • Inflation-linked securites: Still expected to total E6bln in 2020.

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