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

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.

Upcoming Auctions

N: New Issue     R: Reopening

TenderIssuanceVolumeCouponMaturity
31.01.2023 Schatz (N)
DE000BU22007
6.0 € bn - 13.03.2025
28.02.2023 Schatz (R)
DE000BU22007
6.0 € bn - 13.03.2025
28.03.2023 Schatz (R)
DE000BU22007
5.5 € bn - 13.03.2025

Latest Auction Results

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

TenderIssuanceBid/CoverVolumesYield
04.01.2023 Schatz (R)
DE0001104909
1.6
(A)
(B)
2.58%
06.12.2022 Schatz (R)
DE0001104909
1.7
(A)
(B)
2.11%
08.11.2022 Schatz (N)
DE0001104909
1.2
(A)
(B)
2.28%

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 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

The share of 10-year Federal bonds (Bund 10) includes the 7- and 15-year Federal bonds.

Current Outstanding of Federal Treasury Notes

Bond Maturity Coupon Outstanding Last Issuance ISIN
Total volume135,500 € 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

Understanding Federal Treasury Notes