Given an unchanged funding plan of €88.9 billion, both the estimated call on the capital market as well as the money market remain unchanged compared to the estimate in March. This means the DSTA is committed to an expected issuance of €40 billion on the capital market and an expected issuance of €48.9 billion on the money market.
Funding plan in 2025
|
Estimated borrowing requirement for 2025 |
Amount |
Change since March 2025 (in € billion) |
|
Capital market redemptions 2025 |
19.9 |
- |
|
Net money market ultimo 2024 (excluding cash collateral) |
37.5 |
- |
|
Cash deficit 2025* |
31.5** |
- |
|
Total borrowing requirement 2025 |
88.9 |
- |
* A cash deficit is shown as a positive number because it increases the total borrowing requirement.
** The loan facility to TenneT in 2025 comprises € 14.2 billion of this amount
Issuances in 2025 will continue to contribute to the DSTA’s goal to maintain the average maturity of the debt, swap and cash portfolio at a minimum of eight years in 2025.