On 2 September 2020, the German Federal government issued its first green Federal security – a 10-year green Federal bond maturing in August 2030. Since then, Germany has been continuously expanding its sustainable issuance portfolio: every year, additional green Federal securities are issued both through auctions and syndicates.

By the end of 2025, the Green Bund curve consisted of eight different securities with a maturity range from 2027 to 2053. A new 15-year green Federal security maturing May 2041 will be issued in 2026. Thus, Germany offers investors a wide range of sustainable investment opportunities with different tenors.

In 2025, € 14.5 bn were issued in green Federal securities, which corresponds to 4 % of the total issuance volume. For 2026, the targeted issuance volume is € 16 to 19 bn. 

In the first year under the updated framework, the issuance volume will thus be above or in line with the highest issuance size so far of € 17.5 bn in 2024.

A tap of a green Federal security is immediately fungible with the previously issued outstanding green Federal security. The Finance Agency issued nine new green Federal securities under the first version of the Framework and has tapped them multiple times. From 2026 onwards, green Federal securities will be issued under the second version of the Framework published on 15 January 2026. In addition to new issuances and their taps, issuances may also include taps of green Federal securities that were originally issued under the first version of the Framework. Press releases or notices regarding the announcement, invitation to bid and result of an issuance of green Federal securities contain a reference to the Framework.

Auction dates according to the annual issuance plan 2026

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

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.

2026: Average amount from announced range