In 2023, 13 issues of Federal treasury notes (SCHAETZE) are planned, with a total volume of € 74 bn. The issuance pattern of previous years will be continued: In addition to the reopening of the Federal Treasury note due in December 2024, four new issues are planned, each of which will be topped up twice. Their outstanding volume will be around € 17 bn each.
In the 2023 annual issuance calendar, Federal treasury notes will therefore account for € 74 bn or around 14 % of the annual auction volume, € 7 bn more than in 2022.
Latest Auction Results
Bid/Cover Ratio: Ratio of offered and allocated volume
Schaetze are among the most liquid Federal securities on the secondary market. Their share of the total trading volume of auction group banks in the Bund Issues Auction Group fell by two percentage points year-on-year to around 10 % in 2021. The absolute level of trading turnover in Schaetze also fell from € 504 bn in 2020 to € 464 bn in 2021.
Federal Treasury Notes Outstanding
Due to the four new issues per year, eight Federal Treasury notes are permanently outstanding. At the end of 2022, their total volume amounted to € 130.5 bn - compared with € 116 bn in the previous year. Proportionately, this corresponds to around 8 % of the volume of all German Government securities in 2022.
The outstanding volume of the individual securities varied between € 11 bn and € 19.5 bn at the end of 2022.
Current share of Federal Treasury Notes in the Volume of all Federal Securities Outstanding
Current Outstanding of Federal Treasury Notes
|Total volume||135,500 € mn|
|2022 (2024) Schatz||14.06.2024||0.20%||17,000 € mn||12.07.2022||DE0001104883|
|2022 (2024) Schatz||13.09.2024||0.40%||17,000 € mn||11.10.2022||DE0001104891|
|2022 (2024) Schatz||12.12.2024||2.20%||16,000 € mn||04.01.2023||DE0001104909|
|2022 Schatz||15.03.2024||0.00%||19,500 € mn||12.04.2022||DE0001104875|
|2021 IV Schatz||15.12.2023||0.00%||18,000 € mn||19.10.2022||DE0001104867|
|2021 III Schatz||15.09.2023||0.00%||16,000 € mn||12.10.2021||DE0001104859|
|2021 II Schatz||16.06.2023||0.00%||16,000 € mn||13.07.2021||DE0001104842|
|2021 Schatz||10.03.2023||0.00%||16,000 € mn||20.04.2021||DE0001104834|