As a result, the net issuance 7 of medium- and long-term securities by the euro area debt management offices (DMOs) in 2015 is expected to be around € billion. Looking at individual countries, a large majority will have a positive net issuance in 2015, but there are a few countries, e.g. Germany, where net issuance is expected to be marginal or even negative.
Note, however, that the average weighted price of bonds for the two to 30-year maturity range is well above par, which should mitigate concerns about the reduction of net issuance to some extent, as the purchase target refers to settled (rather than nominal) amounts. 7  4  Net issuance is defined as new debt minus redemptions.