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 2024, 16 auctions of Federal Treasury notes (Schatz) are planned, with a total volume of € 76 bn (2023: € 71.5 bn). The issuing pattern of previous years will be continued: In addition to the reopening of the Federal Treasury note maturing in December 2025, four new issues are planned, each of which will be reopened three times. Their outstanding volume will amount to around € 19 bn each.

Two reopenings are planned for the new paper maturing in December 2026, which will have an outstanding volume of € 14.5 bn at the end of 2024. To this end, the Federal Treasury note from the previous year maturing in December 2025 will be reopened by a further € 4.5 bn in the first quarter.

Upcoming Auctions

Upcoming AuctionsN: New Issue    R: Reopening

TenderIssuanceVolumeCouponMaturity
12.03.2024 Schatz (R)
DE000BU22049
4.5 € bn 2.50% 19.03.2026
02.04.2024 Schatz (R)
DE000BU22049
4.5 € bn 2.50% 19.03.2026
23.04.2024 Schatz (N)
DE000BU22056
5.0 € bn - 18.06.2026

Latest Auction Results

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

TenderIssuanceBid/CoverVolumesYield
20.02.2024 Schatz (R)
DE000BU22049
1.9
(A)
(B)
2.79%
30.01.2024 Schatz (N)
DE000BU22049
1.8
(A)
(B)
2.49%
03.01.2024 Schatz (R)
DE000BU22031
1.8
(A)
(B)
2.44%

Bid/Cover Ratio: Ratio of offered and allocated volume

Trading

The share of Schatz in the total trading volume of all Federal securities increased by four percentage points to around 14 % in 2022 compared with the weak prior year. The absolute level of their trading volume doubled from € 464 bn in 2021 to € 946 bn in 2022.

Federal Treasury Notes Outstanding

Due to the four new issues per year, eight Federal Treasury notes are permanently outstanding. At the end of 2023, their total volume amounted to € 136 bn - compared with € 130.5 bn in the previous year. Proportionately, this corresponds to around 7 % of the volume of all Federal securities. The outstanding volume of the individual securities varied between € 14.5 bn and € 19.5 bn at the end of 2023.

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 volume 150,500 € mn -
2024 Schatz 19.03.2026 2.50% 10,000 € mn 20.02.2024 DE000BU22049
2023 II Schatz 12.12.2025 3.10% 19,000 € mn 03.01.2024 DE000BU22031
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

Understanding Federal Treasury Notes