September 21, 2017 / 8:03 AM / a year ago

German debt agency cuts debt issue volume by 3 bln euros in Q4

BERLIN, Sept 21 (Reuters) - Germany’s Federal Finance Agency on Thursday reduced its planned debt issue volume in the fourth quarter by 3 billion euros to 35 billion euros, excluding linkers.

The debt agency said it would issue around 31 billion euros of capital market instruments and around 4 billion euros of money market instruments in the period from October to December.

“The originally planned Bobl top-up auction of 3 billion euros on Nov. 29 2017 ... will be cancelled,” the agency said.

It confirmed that two inflation-linked bonds would be auctioned in the final quarter of the year.

The German government has seen an increase in revenues from income and corporate taxes as more workers join the country’s solid labour market and company profits rise.

Germany is also benefitting from record-low borrowing costs, partly enabled by the European Central Bank’s ultra-loose monetary policy. (Reporting by Michael Nienaber,; editing by Joseph Nasr)

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