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

N: New Issue     R: Reopening

TenderIssuanceVolumeCouponMaturity
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

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

TenderIssuanceBid/CoverVolumesYield
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

The share of 10-year Federal bonds (Bund 10) includes the 7- and 15-year Federal bonds.

Current Outstanding of Federal Notes

Bond Maturity Coupon Outstanding Last Issuance ISIN
Total volume238,500 € 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

Understanding Federal Notes