Secondary market data transmitted through the member banks of the “Bund Issues Auction Group” provide the German Finance Agency and the credit institutions involved with a comprehensive overview of the secondary market for German Government securities[1].
The structures in secondary market activity can be identified on the basis of trading volumes and net positions. Starting from the aggregate data for a given period, it is broken down by funding tools, regions and institutions.
[1] The figures stated are based on secondary market data transmitted to the German Finance Agency by the “Bund Issues Auction Group” on their secondary market activities. The transaction data are transmitted in a standardized reporting format for a given month within the first ten days of the next month but one. The evaluations list trading volumes and net positions (without primary market placements) in the classic German Government securities (“Bubills”, “Schaetze”, “Bobls” and “Bunds”) and the new funding tools (inflation-linked German Government securities and the USD bond) excluding the turnover in principal or coupon strips. Net positions denote the absolute position taken in a given category (e.g. net positions of € 51bn in non-EMU countries corresponds to € 51bn of German Government securities purchased from member banks of the Auction Group Bund Issues).
Funding Tools HY1 2011
Net Volume | Trading Volume | |
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More demand in ILB and Schatz. | Thr majority of turnover was traded in 10Y Bunds again.
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Regions HY1 2011
Net Volume | Trading Volume | |
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German government securities have seen increasing demand from Asia in HY1 2011. | The major part of the total trading volume in HY1 2011 was transacted in Europe again, the Federal Government’s home market (EMU countries and non-EMU-countries).
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Institutions HJ1 2011
Net Volume | Trading Volume | |
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Central banks again represented the largest source of demand for German Government securities. | More trading volume from Asset Managers and Hedge Funds. |
