Federal notes ("Bobls")
Maturity: 5 years
Income: fixed annual interest payment
Redemption: at par value
Price risk: medium
Liquidity risk: very low
Issuer risk: very low
Federal notes (Bobls), which have maturities of five years, represent the middle of the German Government yield curve.
Bobls as a proportion of currently tradeable Government debt
After Bunds, Bobls are the Federal Government's second most important source of funding. Two new series will be issued in 2017, too.
In 2017, about 20 % or € 35 bn of the annual issuance volume (including inflation-indexed Government securities) on the capital market is represented by Bobls (previous year: € 40 bn or 20 %).
According to the 10-year Federal bonds the there will be two new series of Federal notes auctioned in February (series 175) and July (series 176) 2017. After a first issuance volume of € 4 bn both Bobls with maturities in April and October 2022 will be reopened four times with auction volumes of € 3 to 4 bn until they reach outstanding volumes of € 18 bn and € 17 bn respectively.
Bobls as a proportion of total issuance volume in 2017
As at the end of 2015, Bobls accounted for about a fifth of tradable German Government securities in circulation. At year-end 2015, the outstanding volume averaged around € 238 bn. In 2016, Bobls made up about 16 % of the trading volume in German Government bonds of a representative share of the banks making up the Bund Issuers Auction Group.
Currently tradeable five-year Federal notes
|Bobl||23.02.2018||0.50 %||17,000 € m||03.04.2013||DE0001141653|
|Bobl||13.04.2018||0.25 %||17,000 € m||07.08.2013||DE0001141661|
|Bobl||12.10.2018||1.00 %||17,000 € m||04.12.2013||DE0001141679|
|Bobl||22.02.2019||1.00 %||16,000 € m||02.04.2014||DE0001141687|
|Bobl||12.04.2019||0.50 %||16,000 € m||06.08.2014||DE0001141695|
|Bobl||11.10.2019||0.25 %||16,000 € m||03.12.2014||DE0001141703|
|Bobl||17.04.2020||0.00 %||20,000 € m||03.06.2015||DE0001141711|
|Bobl||16.10.2020||0.25 %||19,000 € m||11.11.2015||DE0001141729|
|Bobl||09.04.2021||0.00 %||21,000 € m||01.06.2016||DE0001141737|
|Bobl||08.10.2021||0.00 %||19,000 € m||30.11.2016||DE0001141745|
|Bobl||08.04.2022||0.00 %||18,000 € m||07.06.2017||DE0001141752|
|Bobl||07.10.2022||0.00 %||14,000 € m||11.10.2017||DE0001141760|