Funding Scorecard - German Federal States

This week's funding scorecard covers, from a capital markets perspective, the major German Laender. The funding requirement covers each state's total funding requirement. However, the data on what has been raised so far only covers bond market funding and not Schuldscheine (registered bonds) or any other source of borrowing. Higher than expected tax revenues may well mean that the Laender do not have to reach their full funding requirements this year, say analysts. Estimates of total funding raised by the Laender are that none are below 50% done for the year with the average state having raised between 60%-80% of what it needs already.