PRESS RELEASE
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Issues planned by the Federal Government in the fourth
quarter of 2009
1 Comments on German Government issuance in the fourth quarter of 2009
The issuance volume planned for the fourth quarter of 2009 will be reduced by a total of € 17
billion versus the updated preview for the year published in March. This adjustment of the
issuance planning is based on the improved funding conditions and the reduced borrowing
requirements of the Financial Market Stabilisation Fund.
The new issues of Treasury discount paper (“Bubills”) with a maturity of six months will each be
reduced by € 1 billion and issued in a volume of € 6 billion. The new issues of 12-month Bubills
in October and November will each be reduced by € 1 billion as well. Their issue volume will
amount to € 4 billion. The new 12-month Bubill issue originally planned for December as well as
the reopening of the 12-month Bubill (issued in July) with a residual maturity of nine months
originally planned for October have been cancelled. Overall, this reduces the volume of
Treasury discount paper issuance by € 13 billion.
In addition, the following auctions planned for the fourth quarter will each be reduced by
€ 1 billion:
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The Five-Year Federa