Federal Treasury Notes

With a maturity of 2 years, Federal Treasury notes (SCHATZ) are the capital market instruments of the Federal Republic as an issuer with the shortest original maturity. After Federal bonds, they are among the most important financing instruments of the Federal government.

Easily explained

Understanding Federal Treasury Notes - 
basic knowledge for private investors

Issuance

As in previous years, four new issues will be made in 2022 in February, May, August and November. In addition to the 4 new issues of € 6 bn each, there will be 8 increases of € 5 or € 5.5 bn, adding up to a total volume of € 43 bn.

In the 2022 annual issuance calendar, € 67 bn or around 16 % of the annual auction volume is thus expected to be accounted for by Federal Treasury notes, € 3 bn more than in 2021.

Upcoming Auctions

N: New Issue     R: Reopening

TenderIssuanceVolumeCouponMaturity
11.10.2022 Schatz (R)
DE0001104891
5.5 € bn 0.40% 13.09.2024
08.11.2022 Schatz (N)
DE0001104909
6.0 € bn - 12.12.2024
06.12.2022 Schatz (R)
DE0001104909
5.0 € bn - 12.12.2024

Latest Auction Results

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

TenderIssuanceBid/CoverVolumesYield
13.09.2022 Schatz (R)
DE0001104891
1.6
(A)
(B)
1.31%
09.08.2022 Schatz (N)
DE0001104891
1.3
(A)
(B)
0.58%
12.07.2022 Schatz (R)
DE0001104883
1.2
(A)
(B)
0.34%

Bid/Cover Ratio: Ratio of offered and allocated volume

Trading

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 2021, their total volume amounted to € 116 bn - compared with € 107.5 bn in the previous year. Proportionately, this corresponds to around 7 % of the volume of all German Government securities in both years.

The outstanding volume of the individual securities varied between € 10 bn and €16 bn at the end of 2021.

Current share of Federal Treasury 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 Treasury Notes

Bond Maturity Coupon Outstanding Last Issuance ISIN
Total volume125,000 € mn
2022 (2024) Schatz 14.06.2024 0.20% 17,000 € mn 12.07.2022 DE0001104883
2022 (2024) Schatz 13.09.2024 0.40% 11,500 € mn 13.09.2022 DE0001104891
2022 Schatz 15.03.2024 0.00% 19,500 € mn 12.04.2022 DE0001104875
2021 IV Schatz 15.12.2023 0.00% 15,000 € mn 04.01.2022 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
2020 IV Schatz 15.12.2022 0.00% 14,000 € mn 05.01.2021 DE0001104826

Understanding Federal Treasury Notes