I. Money market instruments

The auction volume of Treasury discount paper (Bubills) in the fourth quarter is expected to amount to € 21.5 billion. Initially planned were € 15.5 billion, according to the annual preview. The Bubill programme initiated in the second quarter will be continued by issuing new 12-month Bubills monthly and reopening them up to five times during the one-year term.

The new issues of 6-month Bubills (ISINs DE0001137933, DE0001137941 and DE0001137958) planned for the fourth quarter according to the annual preview of 19 December 2019 will be replaced by reopenings of existing Bubills with a remaining term of six months (ISINs DE0001030203, DE0001030211 and DE0001030229).

The volume of the two new issues in October and November will total € 5 billion and the volume of the eleven planned reopenings will sum up to € 16.5 billion.

See Annex 1 for a detailed schedule of the planned auctions.

II. Capital market instruments

Regarding capital market instruments the Federal Government plans to issue nominal securities with an auction volume of € 29 billion in the fourth quarter. Compared to the annual preview, the following amendments are envisaged:

 The 10-year Federal bond maturing in August 2030 will be reopened with a volume of € 3 billion (instead of € 2 billion) on 18 November 2020. The reopenings scheduled for 28 October 2020 and 9 December 2020 will be omitted.

 The 15-year Federal bond maturing in May 2035 will be reopened with a volume of € 2 billion on 28 October 2020.

 The 30-year Federal bond maturing in August 2050 (instead of the Federal bond maturing in August 2048) will be reopened with a volume of € 1 billion on 14 October 2020.

 The new issue of the Federal Treasury note maturing in December 2022 is scheduled for 17 November 2020 (instead of 24 November 2020). The first reopening will be carried out on 9 December 2020 (instead of 15 December 2020).

 The Federal note series 182 will be reopened with a volume of € 2 billion (instead of € 3 billion) on 2 December 2020.

 The auction on 4 November 2020 will not be a reopening of the conventional Federal note series 182 maturing on 10 October 2025, but a new issue of the first Green Federal note with an identical maturity, and an issuance volume of € 5 billion.

On 2 September 2020, the Federal government issued the first Green Federal security. In a syndicated issue, a Green Federal bond with an issuance volume of € 6.5 billion has been launched as a twin to the current 10-year benchmark bond. A second Green Federal security will follow in November, as mentioned above.

Simultaneously to the issuance of the Green federal note on 4 November 2020, the outstanding volume of the Federal note series 182 will be increased by € 5 billion (settlement 6 November 2020). This tap will be issued directly into the Federal Government’s own holdings.

The total issuance volume of inflation-linked Federal securities will reach around € 6 billion in 2020.

The annual issuance preview for 2021 will be published in December 2020.