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% | 28.0 € bn | 25.09.2024 | DE000BU27006 |
Bund10 | 15.02.2035 | 2.50% | 35.0 € bn | 11.06.2025 | DE000BU2Z049 |
Bund15 | 15.05.2041 | 2.60% | 13.0 € bn | 30.04.2025 | DE000BU2F009 |
Bund30 | 15.08.2056 | 2.90% | 12.0 € bn | 06.05.2025 | DE000BU2D012 |
Issuance
With an overall issuance volume of € 66.5 bn, 10-year Federal bonds account for the second-largest share of the issuance volume in the capital market after Federal Treasury notes. 30-year Federal bonds are planned with an issuance volume of € 28.5 bn, plus syndicates. 15-year Federal bonds are to be issued in the amount of € 17 bn, and, from the third quarter of 2025, 7-year Federal bonds with a volume of € 8 bn.
Auctions of 15- and 30-year Federal bonds will continue to be carried out in part as part of multi-ISIN auctions.
Upcoming Auctions
Date | Issuance | Volume | Coupon | Maturity |
---|---|---|---|---|
02.07.2025 |
Bund (N) DE000BU2Z056 | 6.0 € bn | - | 15.08.2035 |
09.07.2025 |
Bund 15 Y (R) | 1.0 € bn | - | - |
09.07.2025 |
Bund (R) DE000BU2F009 | 1.5 € bn | 2.60% | 15.05.2041 |
Latest Auction Results
Date | Issuance | Bid/Cover | Volumes | Yield |
---|---|---|---|---|
18.06.2025 |
Bund (R) DE000BU2D004 | 2.2 | (A) (B) | 2.99% |
18.06.2025 |
Bund (R) DE0001102341 | 7.4 | (A) (B) | 2.92% |
11.06.2025 |
Bund (R) DE000BU2Z049 | 2.7 | (A) (B) | 2.54% |
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
Issue volumes incl. reopenings in own holdings and syndicates carried out (excl. planned). Bund 10 includes 10-year, 7-year and 15-year Federal bonds.
Trading
Trading in Federal bonds (Bunds) regularly accounts for more than half of the total trading volume of all Federal securities. In 2024, Bunds with a 7-year maturity accounted for € 260 bn in turnover, while € 196 bn was traded in 15-year maturities. This corresponds to 4 % and 3 % of total turnover in all Federal securities. 30-year Bunds achieved a trading volume of € 641bn (10 %). However, the flagship of secondary market trading in Federal securities is the 10-year Federal bond, with a volume of € 2,474 bn traded. in 2024, they accounted for 37 % of the total trading volume of all Federal securities.
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. In 2024, a total of € 1233.5 bn in 7-, 10-, 15- and 30-year Federal bonds were outstanding. This corresponds to approx. 66 % of the Federal government's debt portfolio, with the 10-year bonds alone accounting for a share of around 33%.
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 | 1,273,500 € mn | - | |||
2025 (2056) Bund | 15.08.2056 | 2.90% | 12,000 € mn | 06.05.2025 | DE000BU2D012 |
2025 (2035) Bund | 15.02.2035 | 2.50% | 35,000 € mn | 11.06.2025 | DE000BU2Z049 |
2024 (2054) Bund | 15.08.2054 | 2.50% | 25,000 € mn | 18.06.2025 | DE000BU2D004 |
2024 (2041) Bund | 15.05.2041 | 2.60% | 13,000 € mn | 30.04.2025 | DE000BU2F009 |
2024 (2034) Bund | 15.02.2034 | 2.20% | 35,000 € mn | 12.06.2024 | DE000BU2Z023 |
2024 (2034) Bund | 15.08.2034 | 2.60% | 35,000 € mn | 04.12.2024 | DE000BU2Z031 |
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% | 28,000 € mn | 25.09.2024 | DE000BU27006 |
2022 (2053) Bund | 15.08.2053 | 1.80% | 33,500 € mn | 19.03.2025 | DE0001102614 |
2022 (2038) Bund | 15.05.2038 | 1.00% | 29,750 € mn | 28.05.2025 | 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% | 34,500 € mn | 16.04.2025 | DE0001102572 |
2021 (2036) Bund | 15.05.2036 | 0.00% | 27,250 € mn | 26.02.2025 | 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% | 44,500 € mn | 19.03.2025 | 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% | 39,000 € mn | 14.05.2025 | 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 | 15.08.2025 | 1.00% | 30,500 € mn | 21.10.2022 | DE0001102382 |
2014 (2046) Bund | 15.08.2046 | 2.50% | 34,250 € mn | 18.06.2025 | DE0001102341 |
2012 (2044) Bund | 04.07.2044 | 2.50% | 32,500 € mn | 30.04.2025 | DE0001135481 |
2010 (2042) Bund | 04.07.2042 | 3.25% | 20,000 € mn | 28.02.2024 | DE0001135432 |
2008 (2040) Bund | 04.07.2040 | 4.75% | 22,000 € mn | 28.05.2025 | 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 |