Germany has confirmed its Q3 issuance plan, but faces potential Q4 downward pressure due to budget disbursement delays. The firm expects any adjustments to affect short-end securities rather than the long-end.
Key Takeaways
- 1.Germany's Q3 funding plan is unchanged, but there is downside risk for Q4 issuance due to potential delays in off-budget fund disbursements.
- 2.Any reduction in Q4 refunding is expected to target short-dated Schatz and 7Y Bunds, protecting the long-end buckets.
Table of Contents
- Bund Q3 issuance confirmed, downside risks for Q4
- Upcoming supply
- Recent publications
- Upcoming data highlights
- EUR Rates Dashboard
- USD Rates Dashboard
- Interest Rates Research advanced tools
Document Preview
Access the Full Report
Get unlimited access to institutional research reports with a 14-day free trial.
Authors
Guillaume MartinJean-François PerrinAlex Li
Securities
SchatzBTP 3.45% 02/36
Themes
Budget Execution RiskGovernment Debt Issuance
Regions
EuropeNorth AmericaGermanyUnited StatesItaly