Primary Market

The Federal government covers a large part of its borrowing needs through issues in the primary market. The issuance usually takes place in a tender or auction procedure. The exact issuance plan for the entire calendar year is published in advance.

The main instrument of borrowing is the issuance of Federal securities via an auction or tender procedure.


Members of the Bund Issues Auction Group initially take the offered Federal securities into their own portfolios and then gradually resell them to their customers.


The Federal government also uses the syndicate procedure for the issuance of Federal securities, but comparatively less frequently. When issued via a syndicate, the respective Federal securities are brokered directly to investors on behalf of the Federal government by a selected group of banks for a fee.


The Federal government's planned issuance program is announced as an annual forecast at the end of the previous year for the following calendar year. A detailed issuance calendar with exact auction dates is published in order to provide investors with the greatest possible planning certainty.


Issuance Volumes

bar chart: issuance volumes of different types of federal securities during the last 5 years
Figures incl. ILB, Green & completed syndicates, excl. reopenings exclusively into own holdings; *mean value from announced range incl. syndicate; **2024: planned values, annual total incl. completed and planned syndicates

Due to the measures taken to deal with the Covid-19 pandemic, the issuance volume was increased in 2020 and 2021. It could be reduced in 2022. In 2023, the issue volume was increased again in order to mitigate the effects of the war in Ukraine and the resulting energy crisis. A reduction to around € 440 bn is planned for 2024.


Issuance Structure

bar chart: share of issuance volume of each type of Federal security of the last 8 years
Issuance volumes incl. completed syndicates, excl. fully into own holdings integrated taps; 2024: plan values