Issuance
In 2023, a total of € 56 bn is to be financed in twelve auctions of Federal notes (Bobls). Two new series are planned with maturities in April and October 2028, which will be reopened four and six times respectively. In the 2023 annual issuance calendar, Federal notes will thus account for around 11 % of the annual auction volume, € 12 bn more than in 2022.
Upcoming Auctions
Tender | Issuance | Volume | Coupon | Maturity |
---|---|---|---|---|
21.02.2023 |
Bobl (R) DE000BU25000 | 5.0 € bn | 2.20% | 13.04.2028 |
14.03.2023 |
Bobl (R) DE000BU25000 | 5.0 € bn | 2.20% | 13.04.2028 |
11.04.2023 |
Bobl (R) DE000BU25000 | 5.0 € bn | 2.20% | 13.04.2028 |
Latest Auction Results
Tender | Issuance | Bid/Cover | Volumes | Yield |
---|---|---|---|---|
17.01.2023 |
Bobl (N) DE000BU25000 | 1.4 | (A) (B) | 2.22% |
22.11.2022 |
Bobl (R) DE0001141869 | 1.6 | (A) (B) | 1.99% |
25.10.2022 |
Bobl (R) DE0001141869 | 1.2 | (A) (B) | 2.11% |
Bid/Cover Ratio: Ratio of offered and allocated volume
Trading
The proportion of Bobls in the total Federal securities trading volume of the reporting banks in the Bund Issues Auction Group decreased by one percentage point year-on-year to around 15 % in 2021. In contrast, the absolute level of trading turnover in Bobls increased from € 694 bn in 2020 to € 715 bn in 2021.
Outstanding Federal Notes
At the end of 2022, Federal notes with a total volume of € 232 bn were outstanding, 14 % of total volume of Federal securities. The individual Federal notes had a volume of between € 18.5 bn and € 28 bn.
Current Share of Federal Notes in the Volume of all Federal Securities Outstanding
Current Outstanding of Federal Notes
Bond | Maturity | Coupon | Outstanding | Last Issuance | ISIN |
---|---|---|---|---|---|
Total volume | 238,500 € mn | ||||
187 Bobl | 13.04.2028 | 2.20% | 5,000 € mn | 17.01.2023 | DE000BU25000 |
Bobl | 14.04.2023 | 0.00% | 18,500 € mn | 16.04.2020 | DE0001141778 |
Bobl | 13.10.2023 | 0.00% | 18,500 € mn | 16.04.2020 | DE0001141786 |
Bobl | 05.04.2024 | 0.00% | 23,500 € mn | 16.04.2020 | DE0001141794 |
Bobl | 18.10.2024 | 0.00% | 22,500 € mn | 16.04.2020 | DE0001141802 |
Bobl | 11.04.2025 | 0.00% | 23,000 € mn | 19.10.2022 | DE0001141810 |
Bobl | 10.10.2025 | 0.00% | 26,500 € mn | 24.01.2023 | DE0001141828 |
Bobl | 10.04.2026 | 0.00% | 28,000 € mn | 19.10.2022 | DE0001141836 |
Bobl | 09.10.2026 | 0.00% | 24,000 € mn | 01.12.2021 | DE0001141844 |
Bobl | 16.04.2027 | 0.00% | 22,000 € mn | 31.05.2022 | DE0001141851 |
Bobl | 15.10.2027 | 1.30% | 27,000 € mn | 22.11.2022 | DE0001141869 |