Primary market

The Federal Government covers more than 90 percent of its funding needs via one-off issues on the primary market. The bonds are generally issued as part of a tender/auction process in which financial institutions are able to participate once they are accepted into the Bund Issues Auction Group.

Over 90 percent of the Federal Government's funding needs are covered via one-off issues as part of the auction process. The exact issuance plan is published in advance for the entire calendar year.

Special funding tools, such as the US-dollar bonds issued in 2005 and 2009 or the Bund-Laender-Anleihe issued in 2013, are placed by the Federal Government on the primary market via a banking consortium.

The one-off issues planned by the Federal Government are announced at the end of each year in its annual preview for the following calendar year. Since 2013, this annual preview has also included a detailed issuance calendar for the forthcoming year complete with exact auction dates so as to enable investors to plan their activities with even greater certainty.

To a far lesser extent, the Federal Government also obtains funding from securitised loans concluded individually with financial institutions on a sporadic basis as well as German Government securities holdings sold on the secondary market following an auction.

Issuance structure (%) of nominal interest-bearing German Government securities

The proportion of short-term securities issued, which increased markedly in the wake of the financial crisis, declined almost steadily in the following years. This year it reaches again the level of the years 1999 and 2000. The issuance structure of the capital market securities shows a stable pattern during the presented time frame that even during the tense financial market situation around 2009 remained almost unchanged. (2017: planned).

Issuance volume (EUR billion) of German Government securities

In absolute terms, the issuance volumes, which grew significantly during the 2009 financial crisis, in particular in the money market area, have declined almost continuously ever since. This year they reach the lowest level since 17 years. By contrast, meanwhile the issuance volumes of the capital market securities were hardly reduced. The total volumes only contain nominal issues without inflation-linked securities (ILB). 2017 values are planned.