Dax stable as Germany to cut 2013 bond sales

<p>The German Dax is stable as the nation plans to cut bond sales in 2013.</p>

The Frankfurt Dax index is flat this afternoon (December 20th) as Germany – the eurozone's bond benchmark – proposes that it will be cutting its debt issuance in 2013 compared to this year.

According to the German Finance Agency, Germany will sell €173 billion (£140 billion) in bonds and €77 billion in Treasury bills next year, getting rid of €44 billion in the bonds and €21 billion in bills in the first three months.

The agency added that it aims to redeem €215 billion in maturing bonds next year.

Germany sold a record €334 billion in debt in 2009, which was a rise from €220 billion the previous year as a result of the collapse of Lehman Brothers Holdings.

By selling fewer next year the German government can expect to pay lower interest.

At 15:40 GMT, the Dax was steady, holding its ground at 7663.9 points.

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