Published: Sept. 26, 2023 at 4:07 a.m. ET
By Emese Bartha
The German federal government’s issuance plans for the fourth quarter of 2023 will be reduced by 31 billion euros ($32.84 billion) compared to the annual forecast published in December 2022, the German Finance Agency said in its borrowing review on Tuesday.
“The reduced issuance volume results from lower financing needs of…
By Emese Bartha
The German federal government’s issuance plans for the fourth quarter of 2023 will be reduced by 31 billion euros ($32.84 billion) compared to the annual forecast published in December 2022, the German Finance Agency said in its borrowing review on Tuesday.
“The reduced issuance volume results from lower financing needs of the Federal budget and its special funds, especially in connection with the measures taken by the Federal government to address the energy crisis,” the German Finance Agency said.
For the whole year, the issuance volume announced in the annual forecast will thus be reduced by a total of EUR45 billion in 2023, it said. Earlier this year, the Finance Agency cut issuance in the third quarter by EUR14 billion compared to the preliminary plans.
The EUR31 billion issuance reduction in 4Q will be split as EUR8 billion cut in capital market issuance and EUR23 billion reduction in money market issuance.
The issuance of inflation-linked bonds in November is cancelled, the Finance Agency said.
Write to Emese Bartha at [email protected]
