Treasury discount paper of the Federal Republic
of Germany(Unverzinsliche Schatzanweisungen - "Bubills")
January 2008 issue maturity 6 months, due on 16 July 2008 ISIN DE0001115129 // SIN 111 512 envisaged issue volume (auction allotment and amount set aside for secondary market operations): € 6 billion
Members of the Bund Issues Auction Group are entitled to bid. Bids must be for a par value of not less than € 1 million or an integral multiple thereof. The yield rate bids must be expressed as full 0.0005 percentage points. It is possible to make non-competitive bids. The bids accepted by the issuer will be allotted at the yield bid. Non-competitive bids are filled at the weighted average yield of the bids accepted. The right to scale down bids is reserved.
Time schedule of the auction procedure:
Bidding period: Monday, 14 January 2008, from 8.00 a. m. until 11.00 a. m. Frankfurt time Value date: Wednesday, 16 January 2008 Settlement: delivery versus payment-settlement in the night-time processing of Clearstream Banking AG Frankfurt, beginning on the eve of the value date In addition, the Auction rules, the Special terms and conditions of the Deutsche Bundesbank for auctions of Federal securities using the Bund Bidding System (BBS) and the Issue terms for Federal securities shall apply.