Federal Treasury notes ("Schaetze")
Maturity: 2 years
Income: fixed annual interest payment
Redemption: at par value
Price risk: low
Liquidity risk: very low
Issuer risk: very low
With a maturity of two years, Federal Treasury notes (Schaetze) have the shortest maturity of any capital market instruments issued by the Federal Government. In 2015 and 2016 they made up almost 9 % of the Federal Government's debt portfolio on average.
Schaetze as a proportion of currently tradeable Government debt
After Bunds and Bobls, Schaetze are one of the Federal Government's most important funding tools. As there are four new issues per year, there are eight Schaetze outstanding at any one time.
From 2017 on Schatz auctions will take place on Tuesdays instead of Wednesdays.
Four new issues of Schaetze will be carried out in 2017 – in February, May, August and November. After an initial issue with a volume of € 5 bn, three of them will be reopened in the two following months to reach a volume of € 13 each. The new issue in November will have one reopening, reaching € 8 bn at year-end 2017. In addition, the Schatz initially issued in November 2016 maturing in December 2018 will be re-opened for a final time in January 2017 by € 5 bn. This means that in the 2017 issuance calendar, € 52 bn (€ 1 bn less than previous year) or more than 29 % (previous year: 26 %) of the annual issuance volume (incl. inflation-indexed Government securities) will be raised via Schaetze.
Schaetze as a proportion of total issuance volume in 2017
Schaetze are among the most liquid securities traded on the secondary market for German Government securities. The general tendency on the primary market is for there to be eight outstanding Schaetze at any one time. At year-end 2016, there is an outstanding volume of € 98 bn corresponding to around 9 % of the total German Government bond volume (2015: € 101 bn or 9 %, too). Schaetze accounted for around 12 % of the trading volume of German Government securities of the reporting member banks of the Bund Issues Auction Group in 2016 vs. 11 % in 2015.
Currently tradeable Federal Treasury notes
|2017 III Schatz||13.09.2019||0.00 %||13,000 € m||17.10.2017||DE0001104693|
|2017 II Schatz||14.06.2019||0.00 %||13,000 € m||01.08.2017||DE0001104685|
|2017 Schatz||15.03.2019||0.00 %||13,000 € m||25.04.2017||DE0001104677|
|2016 IV Schatz||14.12.2018||0.00 %||13,000 € m||17.01.2017||DE0001104669|
|2016 III Schatz||14.09.2018||0.00 %||13,000 € m||28.09.2016||DE0001104651|
|2016 II Schatz||15.06.2018||0.00 %||14,000 € m||06.07.2016||DE0001104644|
|2016 Schatz||16.03.2018||0.00 %||13,000 € m||06.04.2016||DE0001104636|
|2015 IV Schatz||15.12.2017||0.00 %||13,000 € m||06.01.2016||DE0001104628|