ISSUANCE (1): The German Federal............>

GERMANY: ISSUANCE (1): The German Federal Government intends to issue

E210billion in 2020.

- E148billion in capital market issuance, with money market instruments

accounting for the remaining E62 billion

- Linkers will be E6-8bln. In the second half of 2020, Germany will issue green

bonds for the first time.

- E51bln of Schatz (12 auctions; 4 new issues; 2 re-openings; final outstanding

volume for each is expected to be E13bln).

- E36bln of Bobls (11 auctions; 2 new issues maturing in Apr-25 and Oct-25 and

auctioned in January and July, respectively; 4 and 5 subsequent re-openings;

Final outstanding volume of E17bln and E19bln by end-2020).

- E47bln in 10-year Bunds (14 auctions; 2 new issues maturing in Feb-30 and

Aug-30 with initial auctions in Jan-20 and Jun-20; 5 and 7 re-openings; final

outstanding volume of E22bln and E25bln by end-20)

- E14bln in 30-year Bunds (11 auctions; final outstanding volume of the Jul-44,

Aug-48 and Aug-50 Bunds will be increased, 1x, 4x and 6x)