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Green Issuance Update

BUNDS
  • Yesterday Germany released further details of its Green issuance programme and confirmed that the first Green issuance will be the 10-year Green Federal bond that will be issued in September (ISIN DE0001030708). This will be followed up by a Green Federal note in Q4. Germany continues to target EUR8-12bln of green issuance in 2020.
  • Germany has confirmed it aims to build a green curve "in the medium term" with issuance of 2-year, 5-year, 10-year and 30-year maturities.
  • All green bonds will match "conventional" bonds in terms of both coupons and maturities, but will have separate ISINs.
  • To avoid reducing liquidity in conventional non-green bonds, Deutsche Finanzagentur will not reduce issuance of non-green bonds but will instead increase its stock of conventional bonds and make these available for repo transactions, lending activities etc. So in effect conventional issuance will remain as it was notwithstanding the green issuance and the green issuance will be additional issuance.
  • In 2019, the German government had EUR12.7bln of spending that has been classified as "green expenditure".
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