The main instrument of borrowing is the issue of Federal securities via an auction or tender process. 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.

Usually, the Federal government issues its securities only in the auction process. In addition, the syndication process is also used for suitable individual cases.

The Federal government also uses the syndication process 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.

This has the advantage of a lower sales risk compared to the auction process. Therefore, the Federal government uses this process especially when a new financing instrument or maturity segment is introduced for the Federal government. In addition, a larger volume can usually be sold through a syndicate than through an auction process.

Issuance Results in Syndication Process

2022-10-11DE0001102614BUND_30 2022 (2053)€ 4.0 bn1.80 %2053-08-15Download
2022-08-31DE0001030740GREEN_BOBL 2022 (2027)€ 5.0 bn1.30 %2027-10-27Download
2022-06-01DE0001030724GREEN_30 2021 (2050)€ 4.0 bn0.00 %2050-08-15Download
2022-03-01DE0001102572BUND_30 2021 (2052)€ 4.0 bn0.00 %2052-08-15Download
2021-09-01DE0001102572BUND_30 2021 (2052)€ 5.5 bn0.00 %2052-08-15Download
2021-05-11DE0001030724GREEN_30 2021 (2050)€ 6.0 bn0.00 %2050-08-15Download
2020-09-02DE0001030708GREEN_10 2020 (2030)€ 6.5 bn0.00 %2030-08-15Download
2020-06-10DE0001102481BUND_30 2019 (2050)€ 6.0 bn0.00 %2050-08-15Download
2020-05-06DE0001102515BUND_15 2020 (2035)€ 7.5 bn0.00 %2035-05-15Download
2015-06-09DE0001030575ILB_30 2015 (2046)€ 2.5 bn0.10 %2046-04-15Download
2009-09-14DE0001030120USD $ 4.0 bn1.50 %2021-09-21 
2006-09-06DE0001030500ILB_10 2006 (2016)€ 3.5 bn1.50 %2016-04-15 
2006-03-08DE0001030500ILB_10 2006 (2016)€ 5.5 bn1.50 %2016-04-15 
2005-05-24DE0001030104USD$ 5.0 bn3.88 %2010-06-01 

BUND: Federal bond with maturity of 10, 15 or 30 years 
ILB: Inflation-linked Federal securities with maturity of 10 or 30 years
GREEN: Green bond with maturity of 10 or 30 years
USD: Federal USD bond