Bubills are the Bund’s money market securities. New issues come in maturities of six and nine months. Up to twelve months a complete curve of Bubills is outstanding. Bubills account for about ten percent of its  total debt portfolio in 2010.

Primary Market

The monthly issues of six-months Bubills have an initial volume of € 5 billion. Also monthly new twelve-months Bubills with an initial volume of € 3 billion are issued. These when having a remaining time to maturity of nine months are reopened monthly by € 2bn. In December 2011 there is no reopening of a twelve-months Bubill scheduled. The share of Bubills in the issuance calendar 2011 accounts for about 39%.

Secondary Market

The volume of individual Bubills in circulation reaches up to € 9 bn. Bubills account for about 10% of German Government securities currently outstanding in the secondary market.

Characteristics

Interest paid in the form of a discount; redemption at par; interest calculated on an actual/360 basis; not redeemable prematurely and not callable by the issuer; not listed; par value/denomination € 0.01.