On 2 September, 2020, the Federal government issued its first green Federal security. The issue of the first 10-year green Federal bond was followed by the first green Federal note and, in 2021, the first 30-year and the second 10-year Federal bond. A second green Federal Bond was newly issued in 2022.

Following a total issuance volume of € 11.5 bn in 2020 and € 12.5 bn in 2021 (in each case around 1 % of the annual issuance volume), a volume of € 14.5 bn green Federal securities was issued in 2022. An issuance volume in the range of € 15 to 17 bn is planned for 2023. Within this range, a new ten-year green Federal Bond and a new green Federal Bond with a minimum 15-year maturity will be issued via syndicate. In this context, multi-ISIN auctions may also be used for green Federal securities for the first time in 2023.

As in the past, the issues can be carried out using both the syndicate procedure and the established auction procedure. At the time of issuance of the green security, the volume of the conventional twin bond will be increased by the same amount, but will remain in the Federal government's own holdings.

Auction dates according to the annual issuance plan 2023

Tue., 24 January 2023
Tue., 21 March 2023
Wed., 7 June 2023
Wed., 5 July 2023
Tue., 31 October 2023

The auctions may be carried out as multi-ISIN auctions. The ISINs issued in each case will be disclosed by issuance announcements and in the following overview in the week before the auction. In addition, two new green Federal bonds will be issued via syndicate in 2023.

Upcoming auctions

Upcoming auctionsN: New Issue    R: Reopening

07.06.2023 Bobl/g (R)
1.0 € bn 0.00% 10.10.2025

Recent Issuances

Recent IssuancesN: New Issue     R: Reopening     A: Allotment     B: Bids

21.03.2023 Bobl/g (R)
24.01.2023 Bobl/g (R)
02.11.2022 Bund/g (R)

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

Green Bund Curve