Issuance Calendar

Thanks to its credible issuance and information policy based on continuity, the Federal government and its Federal securities have been regarded as the benchmark for government bonds in the euro area for years.

The Federal government publishes the planned issuance program for the upcoming calendar year in the second half of December of the previous year as a press release and via newsletter. The annual forecast offers an overview of:

  • the type of Federal securities to be issued
  • the nominal target volume
  • the type and date of the issue and
  • the maturity date

In the course of the year, the individual quarters of the issuance calendar are again published separately at the end of the respective previous quarter and adjustments are communicated as required.

Upcoming Issues

N: New Issue     R: Reopening

06.12.2022 Schatz (R)
5.0 € bn 2.20% 12.12.2024

N: New Issue     R: Reopening

05.12.2022 Bubill (R)
2.0 € bn - 13.04.2023
05.12.2022 Bubill (R)
3.0 € bn - 21.06.2023
12.12.2022 Bubill (R)
2.0 € bn - 17.05.2023
12.12.2022 Bubill (R)
2.0 € bn - 22.11.2023

Bund: Federal bond with maturity of 7, 10, 15 or 30 years, Bund/€i: inflation-linked Federal securities, Bund/g:  green Federal bond with maturity of 7, 10, 15 or 30 years, Bobl: Federal note with maturity of 5 years, Bobl/€i: inflation-linked Federal note, Schatz: Federal Treasury note with maturity of 2 years, Bubill: Treasury discount paper with maturity of 6 or 12 month

For the inflation-linked Federal securities (issue date only) as well as the issues planned as syndicates, no detailed planning will be announced. Details will be communicated shortly before the respective transaction for both issues.

By publishing such a detailed issuance calendar for the entire calendar year at an early stage, the Federal government has since emphasized its outstanding reputation worldwide as a transparent and extremely reliable issuer. It thus gives its investors the opportunity to align their investment decisions with the issuance rhythm for Federal securities at an early stage.

Although the Federal government always intends to carry out the announced issuance projects as far as possible, the issuance planning is subject to the proviso that the stated amounts and dates may change depending on the Federal government's financing needs and liquidity situation as well as the capital market situation.


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