FRANKFURT (MNI) – Germany will issue E250 billion in gross nominal
bonds and bills in 2012, the Federal Finance Agency announced Wednesday.

The figure is E25 billion lower than the E275 billion in nominal
bonds the country sold this year, reflecting E11 billion less in capital
market instruments and E14 billion less in money market instruments to
be sold in 2012, the agency explained.

As a result, Germany plans to issue E170 billion in capital market
securities in 2012 and E80 billion in money market securities.

There will be two new issues of 10-year Bunds in 2012 (April and
September) compared to three both this year and in 2010, the agency
noted. Next year will also see another three new series of Bobls, while
a new 30-year federal bond to mature in July 2044 will be issued in
April.

E2 billion to E3 billion in linker securities will be issued per
quarter in 2012, the Finance Agency said. This compares with E8 billion
sold this year.

The Finance Agency reiterated its standard line that it “reserves
the right” to issue securities in foreign currency. In 2011, there were
no sales of foreign-currency securities.

The Finance Agency will divide bond issuances mostly evenly across
the calendar. In the first quarter, it will issue E43 billion in capital
market securities and E21 billion in money market operations.

The second quarter will have E45 billion in capital market and E21
billion in money market sales. Q3 will have E47 and E21 billion,
respectively, while Q4 will conclude the year (assuming no revisions)
with E35 billion in capital market and E17 billion in money market
issuances.

The 2012 calendar kicks off with an E5 billion top-up of the
10-year Bund on January 4.

The first new issue will be the six-month bubill to be launched on
January 9.

For more details, including a list of issues (new and re-openings)
expected in the first quarter of 2012, consult the following link:

http://www.deutsche-finanzagentur.de/uploads/tx_bmdfapressemeldungen/pm_

37_2112_engl_EMISSIONSKALENDER.pdf

In late November, Germany’s Bundestag passed the 2012 budget bill,
which had projected E26.1 billion in net borrowing for next year, up
from approximately E22 billion expected by the Finance Ministry this
year.

— Frankfurt bureau: +49-69-720 142; email:frankfurt@marketnews.com —

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