By Emese Bartha 
 

FRANKFURT--Germany's funding requirement has declined since the beginning of the year, prompting the German Finance Agency to reduce its target for government bond issuance in the third quarter, the German Finance Agency said Thursday.

​The agency now plans to issue 37 billion euros ($42.83 billion) in nominal government bonds in the July to September period, down from the EUR43 billion it had indicated in December when it published its borrowing plans for the year, it said. ​

​The agency is implementing the reduction by cutting the offer volumes at seven of the 13 nominal-bond auctions scheduled in 3Q, it said.

The cut will affect the 10-year Bund auction on July 11; two Schatz auctions on July 17 and Aug. 21; two Bobl auctions on Aug. 29 and Sept. 26; and two 30-year Bund auctions on July 18 and Sept. 12, the agency said.

The reductions in the offer volumes versus the preliminary targets will be EUR1 billion at each of the affected two-, five- and 10-year auctions and will be EUR500 million at each of the 30-year Bund auctions.

Write to Emese Bartha at emese.bartha@wsj.com

(END) Dow Jones Newswires

June 21, 2018 04:14 ET (08:14 GMT)