Inflation-linked Federal Securites

Inflation-linked Federal bonds (ILB) are debt securities of the Federal Republic of Germany. They are currently available with original maturities of ten to 30 years. From 2024, no more inflation-linked Federal securities will be issued or reopened. The currently outstanding securities will continue to be tradable on the market.

Interest payments on 15 April 2025

The following values were calculated for the inflation-linked Federal securities on the interest payment date 15 April 2025:

BondISINIndexed interest rateInterest Amount
0.10 % Bund/€i 2021 (2033)DE00010305830,120950 %€ 12,881,175.00
0.10 % Bund/€i 2015 (2046)DE00010305750,128055 %€ 18,247,837.50
0.10 % Bund/€i 2015 (2026)DE00010305670,127100 %€ 24,403,200.00
0.50 % Bund/€i 2014 (2030)DE00010305590,637190 %€ 141,137,585.00

Inflation-linked Federal Bonds

The annual issuance volume in this segment amounted to € 6.25 bn in 2022 and € 5.1 bn in 2023. In both years, this corresponds to a share of 1 % of the annual issuance volume of all Federal securities.

Four inflation-linked Federal securities with a total volume of € 66.25 bn are currently still outstanding: three bonds with original maturities of around 10 years and one 30-year bond.

Current Outstanding of Inflation-linked Federal Securities

Bond Maturity Coupon Outstanding Last Issuance ISIN
Total volume 66,250 € mn
2021 (2033) Bund/€i 15.04.2033 0.10% 10,650 € mn 10.10.2023 DE0001030583
2015 (2046) Bund/€i 15.04.2046 0.10% 14,250 € mn 10.10.2023 DE0001030575
2015 (2026) Bund/€i 15.04.2026 0.10% 19,200 € mn 07.02.2023 DE0001030567
2014 (2030) Bund/€i 15.04.2030 0.50% 22,150 € mn 05.04.2022 DE0001030559

Reference Index & Indexation Coefficients

The inflation indexation for both nominal value and coupon payments is based on the unrevised Harmonised Index of Consumer Prices (HICP) of the euro area (total index excluding tobacco). This is calculated monthly by the Statistical Office of the European Union ("Eurostat") and published on its website.

The indexation coefficients are computed with a time delay by linear interpolation of the montly values of the reference index.

Trading

At € 106 bn, the trading volume of inflation-linked Federal securities in 2023 was significantly lower than in the previous year - at € 151 bn. Their share of the total trading volume of all Federal securities remained at the 2 % recorded in 2022.

Yield Curve of Inflation-linked Federal Securities

Real Yields

Chart

Line chart with 4 lines.
Trajectories of real yields on inflation-linked Federal securities
The chart has 1 X axis displaying Time. Data ranges from 2024-05-13 to 2025-05-12.
The chart has 1 Y axis displaying Real yields in %. Data ranges from 0.1477 to 1.5804.
End of interactive chart.

Break-even Inflation Rates

Chart

Line chart with 3 lines.
Development of break-even yields on inflation-linked Federal securities
The chart has 1 X axis displaying Time. Data ranges from 2024-05-13 to 2025-05-12.
The chart has 1 Y axis displaying Break-even inflation rate in %. Data ranges from 1.6203 to 2.2914.
End of interactive chart.

Simple yield differences of the individual inflation-linked Federal securities to the respective conventional Federal security with the closest residual maturity

Current Share of inflation-linked Federal Securities in the Volume of all Outstanding Federal Securities

Chart

Pie chart with 7 slices.
Donut chart highlighting the percentage share of inflation-linked Federal securities in the total of all outstanding Federal securities
End of interactive chart.

The share of 10-year Federal bonds (Bund 10) includes the 7- and 15-year Federal bonds.

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