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
Total volumes incl. ILB, Green and completed syndicates, excl. fully into own holdings integrated taps; *mean value of announced range; **2023: plan values

Due to the measures taken to deal with the Covid 19 pandemic, the issuance volume was expanded in 2020 and 2021. In 2022, it could be reduced.

A further expansion of the issuance volume is planned for 2023 to cover the effects of the ongoing pandemic, the war in Ukraine and the resulting energy crisis.


Issuance Structure

bar chart: share of issuance volume of each type of Federal security of the last 8 years
2023: plan values; Issuance volumes incl. ILB, Green and completed syndicates, excl. fully into own holdings integrated taps