Issuance

In 2023, a total of € 55 bn is to be financed in twelve auctions of Federal notes (Bobl). Two new series are planned with maturities in April and October 2028, which will be reopened four and six times respectively. Thus, Federal notes will account for around 10 % of the annual issuance volume, € 11 bn more than in 2022.

Upcoming Auctions

Upcoming AuctionsN: New Issue    R: Reopening

TenderIssuanceVolumeCouponMaturity
26.09.2023 Bobl (R)
DE000BU25018
4.0 € bn 2.40% 19.10.2028
24.10.2023 Bobl (R)
DE000BU25018
4.0 € bn 2.40% 19.10.2028
21.11.2023 Bobl (R)
DE000BU25018
4.0 € bn 2.40% 19.10.2028

Latest Auction Results

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

TenderIssuanceBid/CoverVolumesYield
29.08.2023 Bobl (R)
DE000BU25018
2.1
(A)
(B)
2.56%
08.08.2023 Bobl (R)
DE000BU25018
2.3
(A)
(B)
2.50%
11.07.2023 Bobl (R)
DE000BU25018
1.9
(A)
(B)
2.71%

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 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 volume 260,500 € mn -
188 Bobl 19.10.2028 2.40% 18,000 € mn 29.08.2023 DE000BU25018
187 Bobl 13.04.2028 2.20% 25,000 € mn 09.05.2023 DE000BU25000
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 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% 28,500 € mn 21.03.2023 DE0001141869

Understanding Federal Notes