Investor Structure

German Government securities are bearer bonds that are traded daily and a change of ownership is therefore possible at any time. It is not recorded which person or institution the current owner is. However, the investor structure of the Federal government can be estimated from various sources of information. These include public data (e.g. investors' annual reports) and statistics (e.g. aggregate holder data from the ECB's securities holdings statistics), reports on market activity by the Federal government's trading partners, and findings by the Finance Agency, e.g. from its own data, discussions with market participants as well as estimates.

Share of German Government Securities held by their total Volume by Investor Group

 2022-06-302021-12-312020-12-312019-12-312018-12-312017-12-31
Own holding of the federal government9 %10 %13 %6 %5 %5 %
Eurosystem43 %41 %34 %30 %30 %27 %
Banks in Germany4 %4 %5 %5 %6 %7 %
Other investors in Germany 4 %4 %5 %6 %6 %6 %
Banks in the euro area5 %4 %5 %5 %5 %6 %
Other investors in the euro area13 %13 %13 %15 %16 %15 %
Central banks and government sector third countries16 %17 %16 %19 %17 %19 %
Other investors third countries6 %5 %10 %14 %13 %15 %

Differences up to 100% are possible due to rounding

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