Issuance
In 2023, 13 issues of Federal treasury notes (Schatz) are planned, with a total volume of € 73.5 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 current year, Federal treasury notes will therefore account for around 14 % of the annual issuance volume, € 6.5 bn more than in 2022.
Upcoming Auctions
Tender | Issuance | Volume | Coupon | Maturity |
---|---|---|---|---|
17.10.2023 |
Schatz (N) DE000BU22031 | 6.0 € bn | - | 12.12.2025 |
14.11.2023 |
Schatz (R) DE000BU22031 | 5.5 € bn | - | 12.12.2025 |
05.12.2023 |
Schatz (R) DE000BU22031 | 5.0 € bn | - | 12.12.2025 |
Latest Auction Results
Tender | Issuance | Bid/Cover | Volumes | Yield |
---|---|---|---|---|
12.09.2023 |
Schatz (R) DE000BU22023 | 1.6 | (A) (B) | 3.10% |
15.08.2023 |
Schatz (R) DE000BU22023 | 1.3 | (A) (B) | 3.12% |
18.07.2023 |
Schatz (N) DE000BU22023 | 1.5 | (A) (B) | 3.07% |
Bid/Cover Ratio: Ratio of offered and allocated volume
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
Bond | Maturity | Coupon | Outstanding | Last Issuance | ISIN |
---|---|---|---|---|---|
Total volume | 139,500 € mn | - | |||
2023 Schatz | 13.03.2025 | 2.50% | 17,500 € mn | 28.03.2023 | DE000BU22007 |
2023 Schatz | 12.06.2025 | 2.80% | 17,500 € mn | 20.06.2023 | DE000BU22015 |
2023 Schatz | 18.09.2025 | 3.10% | 17,000 € mn | 12.09.2023 | DE000BU22023 |
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 | 21.10.2022 | DE0001104867 |