Issuance

As in 2021, two new series are to be issued in 2022: Series 185 in January and Series 186 in June. The new issues of €4 bn will be followed by five reopenings of € 3 or € 4 bn each.

In the 2022 annual issuance calendar, € 43 bn or around 10 % of the annual auction volume is expected to be accounted for by federal notes, € 6 bn less than in 2021.

Upcoming Auctions

N: New Issue     R: Reopening

TenderIssuanceVolumeCouponMaturity
25.10.2022 Bobl (R)
DE0001141869
4.0 € bn 1.30% 15.10.2027
22.11.2022 Bobl (R)
DE0001141869
3.0 € bn 1.30% 15.10.2027

Latest Auction Results

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

TenderIssuanceBid/CoverVolumesYield
27.09.2022 Bobl (R)
DE0001141869
2.2
(A)
(B)
2.08%
16.08.2022 Bobl (R)
DE0001141869
1.8
(A)
(B)
0.71%
19.07.2022 Bobl (R)
DE0001141869
1.1
(A)
(B)
0.96%

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 2021, Federal notes with a total volume of € 217 bn were outstanding. The individual Federal notes had a volume of between € 18.5 bn and € 25 bn. Federal notes accounted for around 15 % or € 715 bn of the total turnover of all German government securities by the auction group banks in 2021, compared with 16 % or € 694 bn in the previous year.

Current Share of Federal Notes in the Volume of all Federal Securities Outstanding

The share of 10-year Federal bond includes the 7- and 15-year Federal bonds.

Current Outstanding of Federal Notes

Bond Maturity Coupon Outstanding Last Issuance ISIN
Total volume238,500 € mn
Bobl 07.10.2022 0.00% 19,500 € mn 16.04.2020 DE0001141760
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% 20,000 € mn 03.06.2020 DE0001141810
Bobl 10.10.2025 0.00% 25,000 € mn 02.12.2020 DE0001141828
Bobl 10.04.2026 0.00% 25,000 € mn 02.06.2021 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% 20,000 € mn 27.09.2022 DE0001141869

Understanding Federal Notes