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 8 years

The composition of the issuance volume from 2014 to 2019 shows a relatively stable pattern. The financing of the government aid measures initiated to cope with the Covid 19 pandemic already required a significant expansion of the issuance volume in the course of 2020. In the course of the Corona crisis and the associated significant increase in funding requirements in 2020 and 2021, a high proportion of this additional demand was covered by money market issues, while another part was covered by the established maturity spectrum and by new maturities of 7 and 15 years. In addition, the Federal government has taken a longer-term approach to its debt portfolio in recent years and significantly expanded the issuance of 30-year bonds.


Issuance Structure

bar chart: share of issuance volume of each type of Federal security of the last 8 years