Free Trial

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)

To read the full story



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.