Issuance

In 2024, a total of € 48 bn (2023: € 54.5 bn) is to be financed in twelve auctions of Federal notes (Bobl). Two new series are planned with maturities in April and October 2029, each of which will be reopened five times. Their outstanding volume will therefore amount to € 24 bn each by the end of the year.

Upcoming Auctions

Latest Auction Results

Latest Auction ResultsN: New Issue     R: Reopening     A: Allotment     B: Bids

DateIssuanceBid/CoverVolumesYield
26.11.2024 Bobl (R)
DE000BU25034
1.7
(A)
(B)
2.04%
29.10.2024 Bobl (R)
DE000BU25034
2.1
(A)
(B)
2.13%
01.10.2024 Bobl (R)
DE000BU25034
1.9
(A)
(B)
1.90%

Bid/Cover Ratio:  Ratio of offered and allocated volume

Issuance History & Progress

Current year vs. previous year

Issuance volumes incl. reopenings in own holdings.

Trading

The trading volume of Federal notes rose from € 1,197 bn to € 1,378 bn in 2023 compared to the previous year. This corresponds to a share of around 21 % of the total trading volume in all Federal securities - up from 18 % in 2022.

Outstanding Federal Notes

At the end of 2023, Federal notes with a total volume of € 255 bn were outstanding, 14 % of total volume of Federal securities. The individual Federal notes had a volume of between € 22 bn and € 30 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 volume 258,000 € mn -
190 Bobl 11.10.2029 2.50% 24,000 € mn 26.11.2024 DE000BU25034
189 Bobl 12.04.2029 2.10% 25,000 € mn 18.06.2024 DE000BU25026
188 Bobl 19.10.2028 2.40% 29,500 € mn 21.11.2023 DE000BU25018
187 Bobl 13.04.2028 2.20% 25,000 € mn 09.05.2023 DE000BU25000
Bobl 11.04.2025 0.00% 23,000 € mn 21.10.2022 DE0001141810
Bobl 10.10.2025 0.00% 27,500 € mn 07.06.2023 DE0001141828
Bobl 10.04.2026 0.00% 28,000 € mn 21.10.2022 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% 30,000 € mn 30.08.2023 DE0001141869

Understanding Federal Notes