Issuance

On 2 September, 2020, the Federal government issued its first green Federal security, a 10-year green Federal bond maturing in August 2030 . Since then, further green Federal securities have been issued in auctions and syndicates every year. The Green Bund curve now comprises 7 green securities with maturities of 5, 10 and 30 years.

After an issuance volume totalling € 11.5 bn in 2020 and € 12.5 bn in 2021 (around 1% of the annual issuance volume in each case), green Federal securities with a volume of € 14.5 bn were issued in 2022. In 2023, the issuance volume increased again to € 17.25 bn.  In 2024, the issuance volume is expected to rise again to a level of € 17-19 bn in order to increase liquidity. In addition to a syndicate for the reopening of a long-dated Green Federal bond, this sum also includes 10 auctions in which a new green Federal note is to be issued, among others.

At the time of the new issue of a green security, the volume of the conventional twin security will be increased  by € 1 bn, but remains in the Federal government's own portfolio. When green Federal securities are reopened, the Federal Government's own holdings of conventional twin securities will no longer be increased. This does not affect the Federal government's ability to buy green Federal securities and sell their conventional twins in return.

Green Federal securities can generally be issued using both the syndicate procedure and the established auction procedure. Green Federal securities can also be issued in multi-ISIN auctions. Thus, a multi-ISIN auction with two green Federal securities will take place for the first time on 23 January 2024.

Auction dates according to the annual issuance plan 2024

Tue., 23 January 2024
Tue., 27 February 2024
Tue., 26 March 2024
Tue., 30 April 2024
Tue., 28 May 2024
Tue., 2 July 2024
Tue., 20 August 2024
Tue., 10 September 2024
Tue., 8 October 2024
Tue., 5 November 2024

The ISINs issued in each case will be disclosed by press notice and in the following overview in the week before the auction.

Upcoming auctions

For green Federal securities, only the issuance dates are published in the annual issuance calendar. The ISIN issued in each case is announced by press notice only a few bank working days before the issuance dates.

Recent Issuances

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

DateIssuanceBid/CoverVolumesYield
26.03.2024 Bobl/g (R)
DE0001030716
2.5
(A)
(B)
2.92%
26.03.2024 Bund/g (R)
DE000BU3Z005
2.3
(A)
(B)
2.30%
27.02.2024 Bund/g (R)
DE0001030724
2.0
(A)
(B)
2.51%

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

Issuance History & Progress

Current year vs. previous year

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.

Green Bund Curve