A representative part of the members of the Bund Issues Auction Group voluntarily report their trades in Federal securities (Bubills, Schaetze, Bobls, Bunds, green Federal securities and inflation-linked Federal securities) - categorized by type of Federal security traded, by region and by institutional form of the trading partner. Based on trading volumes and net positions, this allows the Finance Agency to identify rough structures of the secondary market trading.

The gross trading volume is derived by adding up the reported sales and purchase volumes of the auction group banks. The net trading volume is the balance of sales minus purchase volumes.

For example, a net position of € -22 bn vis-à-vis brokers corresponds to a € 22 bn higher volume of purchases by auction group members from brokers than sales to brokers. The trading data published here are provisional, as later subsequent submissions may lead to corrections.

Comparison ot Trading Volumes 1st Half-year 2022 vs. 1st Half-year 2021

in € BN 01/202101/2022
(Gross-) Trading Volume2,3653,429
Net Trading Volume178.2161.4

Trading volume of € 3,429 bn was reported in the first half of 2022. This is more than € 1,000 bn or 45 % higher than in the first half of 2021 and 39 % higher than in the second half of 2021. This is the highest increase in turnover measured in a half-year to date.

At the same time, the outstanding volume of Federal securities (excluding the Federal Government's own holdings) increased by only 9 % within one year. Trading volume thus increased strongly above average compared to the tradable volume of Federal securities. This is a break with the downward trend of the last half years. It goes hand in hand with a significant increase in the yield level of all Federal securities - in some maturities by more than 1.5 percentage points - within only half a year.

Traditionally, the holiday months in summer lead to lower issuing as well as trading activity in the second half of the year. The trading volume of the first half of 2022 is therefore compared below with the half-yearly data of the previous year.

After a record volume of Federal securities was issued in the first half of 2021, it declined slightly in the two following half-years. This development was paralleled by the net trading volume, which declined by 9 % from a high of more than € 178 bn in the first half of 2021 to around € 161 bn.

Funding Instruments 1st Half-Year 2022

Trading Volume - Funding Instruments

Around half of the trading in Federal securities in the first half of 2022 was again in 10-year Federal bonds (Bund10), which also include the 7- and 15-year maturities introduced in 2020. The last time a similarly high trading volume of more than € 1,600 bn was achieved was in the first half-year of 2013. Federal notes (Bobl) follow at a clear distance and account for 18 % of the trading volume. Their turnover increased by almost 80 % compared to the first half-year of the previous year. Only the turnover of Federal Treasury notes increased more strongly, almost doubling to € 430 bn. 30-year Federal bonds (Bund30) accounted for an unchanged 10 % of total trading. With a volume of € 346 bn, their turnover reached the second highest level in the statistics after 2005. Compared to the other Federal securities, trading in non-interest-bearing Treasury bills (Bubill) increased by only a disproportionately low 9% in the first half-year 2022.

However, a slight decline compared to the second half of 2021 here ends a series of steady semi-annual gains established since 2018. Inflation-indexed Federal securities (ILB) show the only decline in turnover, from € 84bn to € 81bn.  Green Federal securities (Green) set a new trading record with turnover of almost € 37 bn (+ 52 % compared to the first half of 2021) in the history of just 4 half-years.

Gross-Trading (in € bn)1/20211/2022
Bobl342611
Bubill263287
Bund101,1951,636
Bund30237346
Green2437
ILB8481
Schatz219430

Net-trading Volume - Funding Instruments

For the fourth half-year in a row, net sales of Federal securities are at a high level: around € 161 bn on balance were sold by bidding banks to other counterparties in the first half of 2022. Since 2020, money market securities, Bubills, have contributed the lion's share to net sales: almost € 73 bn in the first half-year 2022. Net sales of treasuries reach their second highest level since 2005 at over € 32 bn, followed by Bund10 at € 31 bn and, at a considerable distance, Bobl and Bund30.

Inflation-indexed Federal securities (ILB), on the other hand, were sold on balance by other counterparties to the bidding banks for the third time in the entire time series. Green Federal securities also found their way from the other counterparties to the bidding banks for the first time in their still short history in the net amount of almost € 1 bn.

Net-trading (in € bn)1/20211/2022
Bobl14.118.4
Bubill89.972.5
Bund1039.531.0
Bund3012.58.2
Green0.5-0.9
ILB4.4-0.2
Schatz17.332.4

Regions 1st Half-Year 2022

Trading Volumes - Regions

A look at the trading regions reveals a shift in particular, which is linked to the trading record of hedge funds, among other things: Turnover with the Americas as the home of many hedge funds rose by 84 % in the first half-year 2022 to a new high of € 638 bn. While the rest of Europe, which has been the most important trading region for many years (Europe without the euro area countries), and Asia each traded in excess of 40 % more, trading in the euro area, which is also important, only increased at a disproportionately low rate of 26 %. The trade growth with America came at the expense of the euro area. Africa and the Arab states recorded declines in trade, but together account for less than 1 % of total trade.

Gross-trading (in bn. €)1/20211/2022
Africa21
United States of America347638
Arabic states97
Asia139197
Euro area688867
Other Europe1,1811,718

Net-trading Volumes - Regions

With only a few exceptions, the euro area and the rest of Europe have alternately led the ranking of the most important net buyers of Federal securities for many years. Occasionally, Asia and the Americas come in behind the two regions, sometimes at a greater distance. The first half-year of 2022 is no exception. Analogous to the extraordinarily strong central bank purchases, the euro area tops the list of net buyers in the first half-year 2022 with € 78 bn, after acquiring a record volume of € 131 bn in the second half-year 2021. Again, three of the four strongest half-year sales are in the last 2 years. Net purchases from the rest of Europe also reached a level well above the long-term average at € 62 bn, with Asian counterparties acquiring a net € 23 bn. Counterparties from the Americas continued their net sales from the previous two half-years at a level of € 4 bn in 2022.

Net-trading (in € bn)1/20211/2022
Africa0.10.3
United States of America-9.3-4.1
Arabic states 0.12.3
Asia47.623.0
Euro area111.078.4
Other Europe28.761.5

Institutions 1st Half-Year 2022

Trading Volumes - Institutions

On the counterparty side, asset managers also returned as trading partners with a record: for the first time since the statistics began, they traded Federal securities with a volume of more than € 1,000 bn - an increase of 64 % compared to the first half-year 2021. Brokers, as the second most active traders, turned over € 880 bn, the most since 2014. Banks maintained their status as the third most active traders in Federal securities with € 523 bn. However, their trading gains of 35 % are more of a return to the long-term average after three of the weakest half-years. Central banks, with the lowest trading growth among all counterparties, were displaced from fourth place in turnover for the first time since the statistics began by hedge funds, which doubled their trading volume to a new high of € 482 bn. The highest trading volume of central banks since 2013 nevertheless shows that this is more a case of hedge funds gaining in importance than of central banks declining in activity.  
Pension funds, insurance companies and others account for less than 5 % of total turnover.

Gross-trading (in € bn)1/20211/2022
Asset Manager6501,068
Banks781776
Broker1,1921,261
Hedge funds373551
Pension funds6879
Others4754
Insurances3738
Central Banks555748

Net-trading Volumes - Institutions

With only a few exceptions, the euro area and the rest of Europe have alternately led the ranking of the most important net buyers of Federal securities for many years. Occasionally, Asia and the Americas come in behind the two regions, sometimes at a greater distance. The first half-year of 2022 is no exception. Analogous to the extraordinarily strong central bank purchases, the euro area tops the list of net buyers in the first half-year 2022 with € 78 bn, after acquiring a record volume of € 131 bn in the second half-year 2021. Again, three of the four strongest half-year sales are in the last 2 years. Net purchases from the rest of Europe also reached a level well above the long-term average at € 62 bn, with Asian counterparties acquiring a net € 23 bn. Counterparties from the Americas continued their net sales from the previous two half-years at a level of € 4 bn in 2022.

Net-trading (in € BN)1/20211/2022
Asset Manager5.742.3
Banks8.322.6
Broker-56.4-57.5
Hedge funds5.04.9
Pension funds6.83.0
Others4.12.8
Insurances2.31.5
Central banks202.3141.8