Federal Bonds

Federal bonds (BUND) with maturities of 7 to 30 years form the middle to long end of the Bund curve. More than 60 % of the Federal government's debt portfolio consists of bonds in this maturity segment. Approx. 40 % of this is accounted for by 10-year bonds.

Easily explained

Understanding Federal Bonds - 
Basic knowledge for private investors 

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

SecurityMaturityCouponOutstandingLast IssuanceISIN
Bund7 15.11.2029 2.10% 8.0 € bn 15.11.2022 DE0001102622
Bund10 15.08.2032 1.70% 28.0 € bn 30.11.2022 DE0001102606
Bund15 15.05.2038 1.00% 11.5 € bn 16.11.2022 DE0001102598
Bund30 15.08.2053 1.80% 5.0 € bn 23.11.2022 DE0001102614

Issuance

10-year Federal bonds make up the second-largest share of the Federal government's annual issuance volume in 2022, at 12.7 %. The share of 30-year Federal bonds will be around 4 % in 2022. Issuance of 15-year Bunds, first issued in 2020, will continue in 2022 and is expected to reach a share of around 3 % of the annual issuance volume. In addition, a new 7-year Federal bond will be issued in the 4th quarter.

Upcoming Auctions

Latest Auction Results

N: New Issue     R: Reopening     A: Allotment     B: Bids

TenderIssuanceBid/CoverVolumesYield
30.11.2022 Bund (R)
DE0001102606
2.0
(A)
(B)
1.95%
23.11.2022 Bund (R)
DE0001102614
1.8
(A)
(B)
1.94%
16.11.2022 Bund (R)
DE0001102598
2.6
(A)
(B)
2.26%

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

Auction System

 Bund10Bund15Bund30
New issues2x per year1x per yearapprox. every 2 years
Auction datesWednesdays, 8 to 11:30 a.m.
Typical Maturities & Interest Dates15 Feb. / 15 Aug.15 Mai15 Aug.

Trading

Trading in 10-year Federal bonds regularly accounts for more than half of the total trading volume of all Federal securities. In 2021, they accounted for exactly 50 % or € 2,392 bn. This sum already includes the turnover of the 7- and 15-year Federal bonds newly introduced in 2020. However, 10-year Federal bonds are the flagship of secondary market trading in Federal securities even without this sub-total.
Turnover of € 487 bn or exactly 10 % of the turnover of all Federal securities was made with 30-year Federal bonds.

TRADING TURNOVER OF ALL FEDERAL SECURITIES

Stripping

Federal bonds with a coupon of more than zero can be stripped at the custodian, and their nominal value and interest coupon can be traded separately.

"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 2021, a total of € 1008.5 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 volume1,090,500.2 € mn
2022 (2053) Bund 15.08.2053 1.80% 5,000 € mn 23.11.2022 DE0001102614
2022 (2038) Bund 15.05.2038 1.00% 11,500 € mn 16.11.2022 DE0001102598
2022 (2032) Bund 15.02.2032 0.00% 31,000 € mn 19.10.2022 DE0001102580
2022 (2032) Bund 15.08.2032 1.70% 28,000 € mn 30.11.2022 DE0001102606
2022 (2029) Bund 15.11.2029 2.10% 8,000 € mn 15.11.2022 DE0001102622
2021 (2052) Bund 15.08.2052 0.00% 19,000 € mn 19.10.2022 DE0001102572
2021 (2036) Bund 15.05.2036 0.00% 25,000 € mn 23.02.2022 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 19.10.2022 DE0001102531
2021 (2028) Bund 15.11.2028 0.00% 27,000 € mn 19.10.2022 DE0001102556
2020 (2035) Bund 15.05.2035 0.00% 22,500 € mn 28.10.2020 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 19.10.2022 DE0001102499
2020 (2027) Bund 15.11.2027 0.00% 22,000 € mn 15.09.2020 DE0001102523
2019 (2050) Bund 15.08.2050 0.00% 34,500 € mn 01.06.2022 DE0001102481
2019 (2029) Bund 15.02.2029 0.25% 29,500 € mn 19.10.2022 DE0001102465
2019 (2029) Bund 15.08.2029 0.00% 29,500 € mn 19.10.2022 DE0001102473
2018 (2028) Bund 15.02.2028 0.50% 28,500 € mn 19.10.2022 DE0001102440
2018 (2028) Bund 15.08.2028 0.25% 28,500 € mn 19.10.2022 DE0001102457
2017 (2048) Bund 15.08.2048 1.25% 34,500 € mn 19.10.2022 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 19.10.2022 DE0001102424
2016 (2026) Bund 15.02.2026 0.50% 33,500 € mn 19.10.2022 DE0001102390
2016 (2026) Bund 15.08.2026 0.00% 32,500 € mn 19.10.2022 DE0001102408
2015 (2025) Bund 15.02.2025 0.50% 30,500 € mn 19.10.2022 DE0001102374
2015 (2025) Bund 15.08.2025 1.00% 30,500 € mn 19.10.2022 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
2013 (2023) II Bund 15.05.2023 1.50% 22,500 € mn 16.04.2020 DE0001102317
2013 (2023) Bund 15.02.2023 1.50% 20,500 € mn 16.04.2020 DE0001102309
2013 (2023) Bund 15.08.2023 2.00% 22,500 € mn 16.04.2020 DE0001102325
2012 (2044) Bund 04.07.2044 2.50% 29,500 € mn 14.09.2022 DE0001135481
2010 (2042) Bund 04.07.2042 3.25% 19,500 € mn 16.04.2020 DE0001135432
2008 (2040) Bund 04.07.2040 4.75% 20,500 € mn 16.04.2020 DE0001135366
2007 (2039) Bund 04.07.2039 4.25% 18,500 € mn 16.04.2020 DE0001135325
2005 (2037) Bund 04.01.2037 4.00% 27,500 € mn 16.04.2020 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

Understanding Federal Bonds