Issuance Outlook of the Federal Government for 2026

The issuance plan of the Federal government for 2026 has been published.

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Green Federal Securities

The Federal Ministry of Finance has published its updated framework for Green Federal securities on 15 January 2026.

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Economic Stabilisation Fund

On 8 July 2025, the 2024 financial statement of the ESF was published.

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Financial Market Stabilisation Fund

On 27 June 2025, the 2024 financial statement of the FMS was published.

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  • Federal Bond 10 Years
  • 2.82 %15.01.2026
  • 2.85 %14.01.2026

For the Federal Government at the Financial Center Frankfurt Targets and Objectives

Debt management from a single source: For the Federal government as the benchmark issuer in the euro area, the Finance Agency ensures the most cost-effective and low-risk financing possible.

It was founded specifically for this important task. Today, its field of activity has expanded to include tasks for financial market stabilisation and economic stabilisation.

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Green Federal Securities
Green Bond Framework 2026

The Federal government published the updated version of its Green Bond Framework as of 15 January 2026.

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Green Federal Securities
Impact Report

The Federal Ministry of Finance published its 2023 and 2024 Green Bond Impact Report on 19 December 2025.

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Issuance Calendar
Issuance Outlook 2026

The Federal government has published its issuance outlook for 2026 on 18 December 2025.

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Issuance Calendar
Bund Issues Auction Group

The Federal government has published the ranking list of the Bund Issues Auction Group for 2025 on 8 December 2025.

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Issuance Calendar
Issuance Outlook Q4 2025

The Federal government has published its updated issuance outlook for the fourth quarter 2025 on 18 September 2025.

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Issuance Calendar
Issuance Outlook Q3 2025

The Federal government has announced its updated issuance outlook for the third quarter 2025 on 24 June, 2025.

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Bund Issues Auction Group
Rankinglist Bund Issues Auction Group end of first half of 2025

On 24 June 2025, the ranking list of the Bund Issues Auction Group for the end of the first half of 2025 was published.

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Syndicates
Syndicate 30-year Federal bond

On 6th May, 2025, the Federal Government has reopened the 30-year Federal bond DBR 2.9 % 15/08/2056 via syndicate. Issuance volume was € 4,5 bn (incl. 0.5 bn retention).

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Issuance Calendar
Issuance Outlook Q2 2025

The Federal government hast announced its updated issuance outlook for the second quarter 2025 on March 24, 2025.

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Syndicates
New 30-year Federal bond via syndicate

The new conventional 30Y Federal bond 2025 (2056) was placed via syndicate with a volume of € 6 bn on March 5, 2025.

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Green Federal Securities
Allocation Report

The Federal Ministry of Finance's Green bond allocation report 2024 was published on 28 February 2025.

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Issuance Calendar
Issuance Calendar 2025

The Federal government has announced its issuance calendar for 2025 on 17 December 2024.

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Reports
Federal Government Borrowing Report

The Federal Ministry of Finance's report on federal borrowing in 2023 was published on 23 October 2024 (in German language).

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Syndicates
Syndicate Green Federal Bond

The Federal government successfully reopened the 1.80% Green Federal Bond 2023 (2053) via syndicate on 4 June 2024.

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Green Securities
Multi-ISIN-Auction Green Bonds

The first multi-ISIN auction of two green Federal securities was successfully carried out on 23 January 2024. The 1.30% Green Federal note 2022 (2027) and the 1.80% 30-year Green Federal bond 2023 (2053) were issued.

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Issuances
Federal government discontinues programme for inflation-linked bonds

The Federal government has decided to withdraw from the market for inflation-linked bonds: From 2024, no further inflation-linked Federal securities will be issued, nor will already outstanding securities be reopened.

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Auctions of Federal Bonds

Upcoming Auctions

N: New Issue    R: Reopening

DateIssuanceVolumeCouponMaturity
21.01.2026 Bund (R)
DE000BU2D012 		1.0 € bn 2.90% 15.08.2056
21.01.2026 Bund (R)
DE000BU2F009 		1.0 € bn 2.60% 15.05.2041
27.01.2026 Schatz (N)
DE000BU22122 		6.0 € bn - 15.03.2028

N: New Issue    R: Reopening

DateIssuanceVolumeCouponMaturity
19.01.2026 Bubill (R)
DE000BU0E303 		2.0 € bn - 17.06.2026
19.01.2026 Bubill (N)
DE000BU0E378 		3.0 € bn - 09.12.2026
02.02.2026 Bubill (R)
DE000BU0E295 		2.0 € bn - 13.05.2026

Recent Issuances

N: New Issue     R: Reopening     A: Allotment     B: Bids

DateIssuanceBid/CoverVolumesYield
14.01.2026 Bund (R)
DE0001135432 		1.1
(A)
(B)
 3.23%
14.01.2026 Bund (R)
DE0001102572 		1.5
(A)
(B)
 3.45%
14.01.2026 Bund (R)
DE000BU2D012 		2.1
(A)
(B)
 3.45%

N: New Issue     R: Reopening     A: Allotment     B: Bids

DateIssuanceBid/CoverVolumesYield
12.01.2026 Bubill (R)
DE000BU0E311 		2.5
(A)
(B)
 1.986%
12.01.2026 Bubill (N)
DE000BU0E360 		2.4
(A)
(B)
 2.004%
05.01.2026 Bubill (R)
DE000BU0E287 		2.6
(A)
(B)
 1.988%

Our Tasks

Overview
Debt Statistics
  • Debt level
  • Borrowing needs
  • Redemptions
  • Interest rates

Statistics on the Federal Funding - graphically presented and up-to-date.

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Types of Federal Securities
Federal Securities

Federal securities are available for almost every investment period. They are regularly issued with original maturities ranging from 1 to 30 years. Some Federal securitites offer additional protection against inflation, others coverage of green spending in the Federal budget.

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ESF
Economic Stabilisation Fund

The Economic Stabilisation Fund (ESF) was able to cushion the impact of the Corona pandemic on the national economy. It manages several recapitalisation measures for companies in the real economy and loans to the Kreditanstalt für Wiederaufbau (KfW).

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FMS
Financial Market Stabilisation Fund

With assistance of the Financial Market Stabilisation Fund (FMS), the German banking sector was supported during the financial market crisis. Today, the special fund manages the Federal government's shares in Commerzbank as well as other capital measures.

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Your Career Start with us

Career
Working at the Finance Agency

For experienced professionals, students and graduates, debt management and stabilisation measures offer interesting entry opportunities and development prospects.

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Newsletter

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