Federal bonds are the most important financing instruments for the Federal government. This applies equally in the primary and secondary market. Their share of the auction volume regularly amounts to a fifth, and in trading they account for about half of the volume.
Current Benchmark Bonds
Conventional Securities
Security | Maturity | Coupon | Outstanding | Last Issuance | ISIN |
---|---|---|---|---|---|
Bund7 | 15.11.2030 | 2.40% | 13.0 € bn | 01.11.2023 | DE000BU27006 |
Bund10 | 15.08.2033 | 2.60% | 30.5 € bn | 29.11.2023 | DE000BU2Z015 |
Bund15 | 15.05.2038 | 1.00% | 21.5 € bn | 22.11.2023 | DE0001102598 |
Bund30 | 15.08.2053 | 1.80% | 26.0 € bn | 15.11.2023 | DE0001102614 |
Issuance
10-year Federal bonds are expected to account for the second-largest share of the Federal government's annual issuance volume in 2023, at around 12 % or € 62.5 bn. The share of 30-year Federal bonds is around 7 % in 2023 (€ 37.5 bn). 15-year Bunds are expected to reach a share of 2 % (€ 12 bn) of the annual issuance volume. 7-year Federal bonds are expected to account for 6 % (€ 31 bn). For the first time, some auctions of 15- and 30-year Bunds will be held as multi-ISIN auctions. Two syndicates were conducted in the amount of € 7 bn in February and August as reopenings of the Federal bond 2022 (2053).
Upcoming Auctions
Latest Auction Results
Tender | Issuance | Bid/Cover | Volumes | Yield |
---|---|---|---|---|
29.11.2023 |
Bund (R) DE000BU2Z015 | 1.7 | (A) (B) | 2.45% |
22.11.2023 |
Bund (R) DE0001102598 | 3.4 | (A) (B) | 2.77% |
22.11.2023 |
Bund (R) DE0001102515 | 5.9 | (A) (B) | 2.65% |
BUND: Federal bond with maturity of 7, 10, 15 or 30 years | Bid/Cover Ratio: Ratio of offered and allocated volume
Issuance History & Progress
Current year vs. previous year
Trading
Trading in 10-year Federal bonds regularly accounts for more than half of the total trading volume of all Federal securities. However, in 2022, they accounted for only 45 % or € 2,997 bn. This sum already includes the turnover of the 7- and 15-year Federal bonds newly introduced in 2020. In general, 10-year Federal bonds are the flagship of secondary market trading in Federal securities even without this sub-total.
In 2022 a volume of € 624 bn or exactly 9 % of the turnover of all Federal securities was traded in 30-year Federal bonds.
Stripping
"Stripping" was introduced for 10- and 30-year federal bonds in 1997. The 7- and 15-year Federal bonds issued for the first time in 2020 are also stripable in principle. However, the separation of the bonds into capital claims and individual interest claims is only possible if the bonds have a coupon greater than zero. Both "strips" can then be traded separately (from € 50,000, minimum nominal amount € 0.01). The separation into capital and interest claims is carried out for the holder of a bond by the respective custodian. The reconstruction of a bond from interest and principal strips is also possible, but reserved for credit institutions for their own holdings. Interest rate strips with the same maturity are combined under one ISIN. It is not possible to combine strips of different bonds.
Since 2013, the maturity and interest dates chosen for Federal bonds are 15 February, 15 May and/or 15 August and 15 November, which are also the stripping dates. Older bonds have stripping dates of 4 January, 4 July and 4 September.
Bonds Outstanding
Federal bonds are also the most important financial instruments for the Federal government in the secondary market. At the end of 2022, a total of € 1090.5 bn in 7-, 10-, 15- and 30-year federal bonds were outstanding. This corresponds to approx. 60 % of the Federal government's debt portfolio, with the 10-year bonds alone accounting for a share of around 40 %.
Current Share of Federal Bonds in the Volume of all Federal Securities Outstanding
The share of 10-year Federal bonds (Bund 10) includes the 7- and 15-year Federal bonds.
Current Outstanding 7-, 10-, 15- and 30-Year Federal Bonds
Bond | Maturity | Coupon | Outstanding | Last Issuance | ISIN |
---|---|---|---|---|---|
Total volume | 1,179,750.2 € mn | - | |||
2023 (2033) Bund | 15.02.2033 | 2.30% | 38,250 € mn | 05.07.2023 | DE000BU2Z007 |
2023 (2033) Bund | 15.08.2033 | 2.60% | 30,500 € mn | 29.11.2023 | DE000BU2Z015 |
2023 (2030) Bund | 15.11.2030 | 2.40% | 13,000 € mn | 01.11.2023 | DE000BU27006 |
2022 (2053) Bund | 15.08.2053 | 1.80% | 26,000 € mn | 15.11.2023 | DE0001102614 |
2022 (2038) Bund | 15.05.2038 | 1.00% | 21,500 € mn | 22.11.2023 | DE0001102598 |
2022 (2032) Bund | 15.02.2032 | 0.00% | 31,000 € mn | 21.10.2022 | DE0001102580 |
2022 (2032) Bund | 15.08.2032 | 1.70% | 28,000 € mn | 30.11.2022 | DE0001102606 |
2022 (2029) Bund | 15.11.2029 | 2.10% | 26,000 € mn | 31.05.2023 | DE0001102622 |
2021 (2052) Bund | 15.08.2052 | 0.00% | 29,500 € mn | 15.11.2023 | DE0001102572 |
2021 (2036) Bund | 15.05.2036 | 0.00% | 25,750 € mn | 02.08.2023 | DE0001102549 |
2021 (2031) II Bund | 15.08.2031 | 0.00% | 32,000 € mn | 02.11.2022 | DE0001102564 |
2021 (2031) Bund | 15.02.2031 | 0.00% | 28,000 € mn | 21.10.2022 | DE0001102531 |
2021 (2028) Bund | 15.11.2028 | 0.00% | 27,000 € mn | 21.10.2022 | DE0001102556 |
2020 (2035) Bund | 15.05.2035 | 0.00% | 23,750 € mn | 22.11.2023 | DE0001102515 |
2020 (2030) II Bund | 15.08.2030 | 0.00% | 33,500 € mn | 20.07.2022 | DE0001102507 |
2020 (2030) Bund | 15.02.2030 | 0.00% | 28,000 € mn | 21.10.2022 | DE0001102499 |
2020 (2027) Bund | 15.11.2027 | 0.00% | 22,000 € mn | 15.09.2020 | DE0001102523 |
2019 (2050) Bund | 15.08.2050 | 0.00% | 39,500 € mn | 16.08.2023 | DE0001102481 |
2019 (2029) Bund | 15.02.2029 | 0.25% | 29,500 € mn | 21.10.2022 | DE0001102465 |
2019 (2029) Bund | 15.08.2029 | 0.00% | 29,500 € mn | 21.10.2022 | DE0001102473 |
2018 (2028) Bund | 15.02.2028 | 0.50% | 28,500 € mn | 21.10.2022 | DE0001102440 |
2018 (2028) Bund | 15.08.2028 | 0.25% | 28,500 € mn | 21.10.2022 | DE0001102457 |
2017 (2048) Bund | 15.08.2048 | 1.25% | 37,500 € mn | 11.10.2023 | DE0001102432 |
2017 (2027) Bund | 15.02.2027 | 0.25% | 30,500 € mn | 16.04.2020 | DE0001102416 |
2017 (2027) Bund | 15.08.2027 | 0.50% | 32,500 € mn | 21.10.2022 | DE0001102424 |
2016 (2026) Bund | 15.02.2026 | 0.50% | 33,500 € mn | 21.10.2022 | DE0001102390 |
2016 (2026) Bund | 15.08.2026 | 0.00% | 32,500 € mn | 21.10.2022 | DE0001102408 |
2015 (2025) Bund | 15.02.2025 | 0.50% | 30,500 € mn | 21.10.2022 | DE0001102374 |
2015 (2025) Bund | 15.08.2025 | 1.00% | 30,500 € mn | 21.10.2022 | DE0001102382 |
2014 (2046) Bund | 15.08.2046 | 2.50% | 31,500 € mn | 20.04.2022 | DE0001102341 |
2014 (2024) Bund | 15.02.2024 | 1.75% | 22,500 € mn | 16.04.2020 | DE0001102333 |
2014 (2024) Bund | 15.05.2024 | 1.50% | 22,500 € mn | 16.04.2020 | DE0001102358 |
2014 (2024) Bund | 15.08.2024 | 1.00% | 22,500 € mn | 16.04.2020 | DE0001102366 |
2012 (2044) Bund | 04.07.2044 | 2.50% | 30,500 € mn | 25.01.2023 | DE0001135481 |
2010 (2042) Bund | 04.07.2042 | 3.25% | 19,500 € mn | 16.04.2020 | DE0001135432 |
2008 (2040) Bund | 04.07.2040 | 4.75% | 21,500 € mn | 24.05.2023 | DE0001135366 |
2007 (2039) Bund | 04.07.2039 | 4.25% | 19,250 € mn | 01.03.2023 | DE0001135325 |
2005 (2037) Bund | 04.01.2037 | 4.00% | 28,250 € mn | 26.04.2023 | DE0001135275 |
2003 (2034) Bund | 04.07.2034 | 4.75% | 24,500 € mn | 16.04.2020 | DE0001135226 |
2000 (2031) Bund | 04.01.2031 | 5.50% | 21,500 € mn | 16.04.2020 | DE0001135176 |
2000 (2030) Bund | 04.01.2030 | 6.25% | 11,750 € mn | 16.04.2020 | DE0001135143 |
1998 (2028) II Bund | 04.07.2028 | 4.75% | 13,750 € mn | 16.04.2020 | DE0001135085 |
1998 (2028) Bund | 04.01.2028 | 5.625% | 17,000 € mn | 16.04.2020 | DE0001135069 |
1997 (2027) Bund | 04.07.2027 | 6.50% | 13,750 € mn | 16.04.2020 | DE0001135044 |
1994 (2024) Bund | 04.01.2024 | 6.25% | 12,750.2 € mn | 16.04.2020 | DE0001134922 |