"The German issuance calendar clearly vindicates our key supply view that core countries will be keen on moving out the maturity spectrum -- in sharp contrast to the periphery," he said.
Schnautz said Germany could ramp up its borrowing if an economic downturn expected next year is sharper than predicted.
In its breakdown of government borrowing, the agency said it would continue issuing treasury discount papers or "Bubills" on a six-month basis (four billion euros) and a 12-month basis (three billion euros) next year.
New federal treasury notes with two-year maturity known as "Schaetze" will be auctioned in February, May, August and November, with an outstanding volume for each note set at 15 billion euros.
Five-year federal notes or "Bobls" will also continue with three new series with a volume of four billion euros. Reopenings of the note are planned for February, March and April with a total volume of 15 billion euros.
Another series will be issued in May and September with a volume of five billion euros each.
Federal bonds with a 10-year maturity, known as "Bunds", are planned in 2012 with a total outstanding volume of 20 billion euros. Thirty-year Bunds will have a total outstanding volume of 15 billion euros. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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