On 2 September 2020, the Federal Government issued a green Federal security for the first time: a 10-year green Federal bond maturing in August 2030. Since then, Germany has steadily expanded its portfolio of sustainable securities. Additional green Federal securities have been issued every year, both through auctions and syndications.

By the end of 2025, the green Federal securities curve comprised eight securities with maturities ranging from 2027 to 2053. On 3 March 2026, a new 15-year green Federal bond maturing in May 2041 was issued. This gives investors a broad range of sustainable investment opportunities across different maturities.

Since 2026, green Federal securities have been issued under the second edition of the Framework, published on 15 January 2026. In addition to new issues and their reopenings, issuance may also include reopenings of green Federal securities originally issued under the first edition of the Framework. Press releases and notices announcing an issuance, inviting bids or reporting the results of an issuance of green Federal securities refer to the Framework.

In 2026, an issuance volume of €17 bn was placed, equivalent to approximately 5% of the total issuance volume of Federal securities. In the first year of the update to the Framework, issuance volume was therefore just below the previous record of €17.5 bn in 2024, following €14.5 bn of issuance in 2025.

A reopening of a green Federal security is immediately fungible with the previously issued outstanding security. Under the first edition of the Framework, the Finance Agency issued nine new green Federal securities and reopened them several times.

Bid/Cover ratio: Ratio of volume offered to volume allocated

Issuance volume incl. reopenings in own holdings and syndicates carried out (excl. planned). Green Federal securities are only displayed from their announcement in the week prior to their auction.