With original maturities of five years, Bobls cover the middle maturity segment of the German Government yield curve. They account for about 20% of the Federal Government’s debt portfolio in 2010.

Primary Market

Since 2010 three (afore two) issues of Bobls are auctioned. The series issued in January (since 2010), April and September are reopened twice to reach a volume of roughly up to € 20 billion. Bobls make up about 17% of the 2011 annual issuance calendar.

Secondary Market

There are generally eleven series available to investors, with some reaching a total volume in circulation of € 20 billion at their peak. Bobls account for about 20% of  German Government securities currently outstanding in the secondary market. In 2010, the volume in circulation averaged € 180 billion.

Characteristics

Interest paid annually; redemption at par; interest and redemptions dates are in February (since 2010), April and October; interest calculated on an actual/365 or actual/366 basis; not redeemable prematurely and not callable by the issuer.