Holger Zschaepitz(@Schuldensuehner):Good Morning from Germany, where the fiscal Zeitenwende comes with a price tag. Germany just sold €4bn of 30y Bunds at 3.783%, highest borrowing cost since 2011. And supply is only ramping up: 2027 net financing needs are seen at €204bn, w/record net Bund issuance of €163bn. The era of free money is over.

Holger Zschaepitz

@Schuldensuehner

Holger Zschäpitz is market maniac @Welt and Author of 'Schulden ohne Sühne?' a book on states' addiction to debt. Pics:

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Holger Zschaepitz@Schuldensuehner

2026.08.20 08:33

Good Morning from Germany, where the fiscal Zeitenwende comes with a price tag. Germany just sold €4bn of 30y Bunds at 3.783%, highest borrowing cost since 2011. And supply is only ramping up: 2027 net financing needs are seen at €204bn, w/record net Bund issuance of €163bn. The era of free money is over.