Issuance Outlook of the Federal Government for Q3/2026

The update of the issuance plan of the Federal government for the third quarter 2026 has been published.

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Green Federal Securities

The Federal Ministry of Finance has published its updated framework for Green Federal securities on 15 January 2026.

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Economic Stabilisation Fund

On 20 May 2026, the 2025 financial statement of the ESF was published.

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Financial Market Stabilisation Fund

On 12 June 2026, the 2025 financial statement of the FMS was published.

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  • Federal Bond 10 Years
  • 3.50 %11.09.2026
  • 3.45 %10.09.2026

For the Federal Government at the Financial Center Frankfurt Targets and Objectives

Debt management from a single source: For the Federal government as the benchmark issuer in the euro area, the Finance Agency ensures the most cost-effective and low-risk financing possible.

It was founded specifically for this important task. Today, its field of activity has expanded to include tasks for financial market stabilisation and economic stabilisation.

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Issuance Calendar
Issuance Outlook Q4/2026

The Federal Government intends to announce the update of the issuance calendar for the fourth quarter 2026 on 24 September 2026.

Syndicates
Syndicate 30Y Federal Bond

The Federal government has increased the 30-year 2.90 % Federal bond 2025 (2056) via syndicate today, 18 August 2026.  The issuance volume was set at € 4 bn (no retention).

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Reports
Federal Borrowing Report

The 2025 Federal Borrowing Report of the Federal Ministry of Finance was published on 31 July 2026. The report is available in German language only.

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Issuance Calendar
Issuance Outlook Q3/2026

The Federal Government has announced the update of the issuance calendar for the third quarter 2026 on 25 June 2026.

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Issuance Calendar
Issuance Outlook Q3/2026

The Federal Government has announced the update of the issuance calendar for the third quarter 2026 on 25 June 2026.

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Bund Issues Auction Group
Rankinglist Bund Issues Auction Group end of first half of 2026

On 24 June 2026, the ranking list of the Bund Issues Auction Group for the end of the first half of 2026 was published.

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Green Bonds
Allocation Report 2025

On 13 May 2026, the Green Bond Allocation Report 2025 was published by the Ministry of Finance. 

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Green Bonds
Taxonomy Analysis 2026

The Federal government has published an assessment of the Taxonomy-alignment of selected budget items based on the 2025 Federal budget. The analysis was conducted in cooperation with DZ Bank, the Federal Ministry of Transport and the Federal Ministry of Finance, and was subject to a review by Sustainable Fitch. 

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Syndicates
Syndicate 30Y Federal Bond

The Federal government has increased the 30-year 2.90 % Federal bond 2025 (2056) via syndicate on 6 May 2026. Issuance volume was set at € 3.5 bn.

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Issuance Calendar
Issuance Outlook Q2/2026

The Federal Government announced the update of the issuance calendar for the second quarter of 2026 on 23 March 2026.

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Syndicates
Syndicate 20Y Bond

The Federal government has issued a new 20-year Federal bond via syndicate on 27 January 2026. The issuance volume was set at € 6.5 bn incl. € 1 bn retention. 

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Syndicates
Syndicate 15Y Green Bond

The Federal government has issued a new 15-year green Federal bond via syndicate today, 3 March 2026. The issuance volume was set at € 4 bn incl. € 1 bn retention.

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Green Federal Securities
Green Bond Investor Presentation

The Federal government has published an updated version of its Green Bond Investor Presentation as of 26 January 2026.

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Green Federal Securities
Green Bond Framework 2026

The Federal government published the updated version of its Green Bond Framework as of 15 January 2026.

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Green Federal Securities
Impact Report

The Federal Ministry of Finance published its 2023 and 2024 Green Bond Impact Report on 19 December 2025.

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Issuance Calendar
Issuance Outlook 2026

The Federal government has published its issuance outlook for 2026 on 18 December 2025.

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Issuance Calendar
Bund Issues Auction Group

The Federal government has published the ranking list of the Bund Issues Auction Group for 2025 on 8 December 2025.

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Auctions of Federal Bonds

Upcoming Auctions

N: New Issue    R: Reopening

DateIssuanceVolumeCouponMaturity
15.09.2026 Schatz (R)
DE000BU22148 		5.0 € bn 2.70 % 13.09.2028
16.09.2026 Bund (R)
DE000BU2D012 		1.5 € bn 2.90 % 15.08.2056
16.09.2026 Bund (R)
DE000BU2T000 		1.0 € bn 3.40 % 15.05.2047

N: New Issue    R: Reopening

DateIssuanceVolumeCouponMaturity
14.09.2026 Bubill (R)
DE000BU0E394 		3.0 € bn - 17.03.2027
14.09.2026 Bubill (N)
DE000BU0E451 		3.0 € bn - 15.09.2027
21.09.2026 Bubill (R)
DE000BU0E386 		3.0 € bn - 17.02.2027

Recent Issuances

N: New Issue     R: Reopening     A: Allotment     B: Bids

DateIssuanceBid/CoverVolumesYield
09.09.2026 Bund (R)
DE000BU2Z072 		1.5
(A)
(B)
 3.39 %
08.09.2026 Bund/g (R)
DE000BU3Z005 		2.5
(A)
(B)
 3.19 %
08.09.2026 Bund/g (R)
DE000BU3F007 		1.3
(A)
(B)
 3.64 %

N: New Issue     R: Reopening     A: Allotment     B: Bids

DateIssuanceBid/CoverVolumesYield
07.09.2026 Bubill (R)
DE000BU0E378 		1.6
(A)
(B)
 2.479 %
07.09.2026 Bubill (R)
DE000BU0E428 		1.8
(A)
(B)
 2.724 %
24.08.2026 Bubill (R)
DE000BU0E360 		1.4
(A)
(B)
 2.492 %

Our Tasks

Overview
Debt Statistics
  • Debt level
  • Borrowing needs
  • Redemptions
  • Interest rates

Statistics on the Federal Funding - graphically presented and up-to-date.

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Types of Federal Securities
Federal Securities

Federal securities are available for almost every investment period. They are regularly issued with original maturities ranging from 1 to 30 years. Some Federal securitites offer additional protection against inflation, others coverage of green spending in the Federal budget.

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ESF
Economic Stabilisation Fund

The Economic Stabilisation Fund (ESF) was able to cushion the impact of the Corona pandemic on the national economy. It manages several recapitalisation measures for companies in the real economy and loans to the Kreditanstalt für Wiederaufbau (KfW).

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FMS
Financial Market Stabilisation Fund

With assistance of the Financial Market Stabilisation Fund (FMS), the German banking sector was supported during the financial market crisis. Today, the special fund manages the Federal government's shares in Commerzbank as well as other capital measures.

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Career
We fund Germany.

For experienced professionals, students and graduates, debt management and stabilisation measures offer interesting entry opportunities and development prospects.

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