Germany has released updated issuance.........>

BUNDS: Germany has released updated issuance plans. It will now issue EUR74bln

of bonds in Q3 (up from E41bln).

- The Schatz auctions on 21 July and 25 August have both been increased in size

by E1bln.

- The four scheduled Bobl auctions in Q3 have all been increased in size by

E1bln.

- The 0% Nov-27 Bund will be issued for E4bln on 28 Jul, 18 Aug and 15 Sep (this

7-year Bund was not in the original Q3 plans but had been confirmed we should

expect it).

- The 0% Aug-30 Bund auctions on 15 Jul and 9 Sep will both be incerased by

E1bln.

- The 0% May-35 Bund will be issued for E3.5bln on each of 29 Jul, 26 Aug and 23

Sep (like the 7-year Bund this wasn't in the original Q3 schedule).

- For 30-year Bunds, we now have two auctions of the 1.25% Aug-48 Bund and one

of the 0% Aug-50 Bund with dates switching. We now have the 1.25% Aug-48

auctioned on 22 Jul and 16 Sep. The 0% Aug-50 Bund will be sold on 19 Aug (1/2)