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

Upcoming AuctionsN: New Issue    R: Reopening

TenderIssuanceVolumeCouponMaturity
05.03.2024 Bobl (R)
DE000BU25026
4.0 € bn 2.10% 12.04.2029
09.04.2024 Bobl (R)
DE000BU25026
4.0 € bn 2.10% 12.04.2029
21.05.2024 Bobl (R)
DE000BU25026
4.0 € bn 2.10% 12.04.2029

Latest Auction Results

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

TenderIssuanceBid/CoverVolumesYield
13.02.2024 Bobl (R)
DE000BU25026
2.3
(A)
(B)
2.30%
16.01.2024 Bobl (N)
DE000BU25026
2.1
(A)
(B)
2.12%
21.11.2023 Bobl (R)
DE000BU25018
2.1
(A)
(B)
2.56%

Bid/Cover Ratio:  Ratio of offered and allocated volume

Trading

The proportion of Bobl in the total Federal securities trading volume grew by three percentage points year-on-year to around 18 % in 2022. The absolute level of their trading volume rose rom € 715 bn in 2021 to € 1,197 bn 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 263,000 € mn -
189 Bobl 12.04.2029 2.10% 8,000 € mn 13.02.2024 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 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 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