German SSAs face funding uncertainty
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German SSAs face funding uncertainty

◆ German court ruling may hit Bund issuance in 2024 ◆ KfW and Länder funding may also be affected ◆ Banks and borrowers shrink loan syndicates

15 November 2023, Berlin: From left to right: German Finance Minister Robert Habeck, Chancellor Olaf Scholz and Finance Minister Christian Lindner appear after the Constitutional Court declared the amendment to the 2021 supplementary budget unconstitution

The German constitutional court has rocked the country's public sector borrowers just as they finalise their funding needs for 2024.

We look at how the new multi-billion euro-sized hole in the government's budget that is the result of the ruling will affect Bund issuance next year, as well as the funding programmes of KfW and the countries federal states.

Meanwhile, banks are paring down the amount of lending they do to companies in the quest for profitability. But there is evidence that borrowers are perfectly happy with shrinking syndicates. We explain why.

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