Federal Securities

Federal securities are regularly issued with original maturities ranging from 12 months to 30 years. As a result, around 80 highly liquid tradable Federal securities in circulation permanently form an almost complete nominal yield curve.

Easily explained

Understanding Federal Securities - 
Basic knowledge for private investors 

Current Benchmark Issues of the Federal Government

Conventional Securities

SecurityMaturityCouponOutstandingLast IssuanceISIN
Schatz 12.06.2025 2.80% 12.0 € bn 23.05.2023 DE000BU22015
Bobl 13.04.2028 2.20% 25.0 € bn 09.05.2023 DE000BU25000
Bund10 15.02.2033 2.30% 33.3 € bn 17.05.2023 DE000BU2Z007
Bund30 15.08.2053 1.80% 13.5 € bn 10.05.2023 DE0001102614

Green Securities

SecurityMaturityCouponOutstandingLast IssuanceISIN
Bobl/g 15.10.2027 1.30% 6.5 € bn 21.03.2023 DE0001030740
Bund/g10 15.02.2033 2.30% 5.3 € bn 25.04.2023 DE000BU3Z005
Bund/g30 15.08.2050 0.00% 10.0 € bn 01.06.2022 DE0001030724

Inflation-linked Securities

SecurityMaturityCouponOutstandingLast IssuanceISIN
Bund/€i10 15.04.2033 0.10% 9.0 € bn 02.05.2023 DE0001030583
Bund/€i30 15.04.2046 0.10% 13.7 € bn 04.04.2023 DE0001030575

Schatz = Federal Treasury note, Bobl = Federal note, Bund10 = 10-year Federal bond, Bund30 = 30-year Federal bond, Bobl/g = green Federal note, Bund/g10 = 10-year green bond, Bund/g30 = 30-year green bond, Bund/€i10 = 10-year inflation-linked Federal bond, Bund/€i30 = 30-year inflation-linked bond

Daily Bund Curve

Types of Federal Securities

Federal Securities by Remaining Maturity

Federal securities offer a suitable solution for almost every investment horizon thanks to the wide range of different remaining maturities.

  • In the money market segment, the Treasury discount paper (BUBILL) are issued with a term of 12 months and subsequently reopened several times as required. They reach volumes of about € 15 bn each.
  • The capital market offering starts with Federal Treasury notes (SCHATZ) with a maturity of 2 years.
  • Federal notes (BOBL) have a maturity of 5 years.
  • Federal bonds (BUND) are traditionally issued with original maturities of 7, 10, 15 and 30 years.
  • Since 2006, inflation-linked Federal bonds (ILB) have enriched the Federal government's product range. They can be issued with original maturities of 5 years, 10 years and up to 30 years.
  • The first 10-year green Federal bond made its debut in September 2020. Further green Federal securities (GREEN) in the classic 5, 10 and 30-year maturity segments have since followed and will continue to be issued in the future.

Issuance & Outstanding Volume

All Federal securities are placed as single issues, generally by auction. Syndicates are used for placements only selectively and rarely.

In particular, conventional Federal securities in the capital market segment are issued in high volumes at the time of the new issue, which are subsequently increased to around € 15 bn to over € 30 bn in some cases by means of several increases. On the one hand, the increases are intended to ensure high liquidity of the securities in the secondary market. On the other hand, the Federal government is taking account of its ability to deliver futures contracts on the highly liquid derivatives market, which is important for many investors, and its important role on the repo market, which is also liquid.

Issuance History and Progress

Current year vs. previous year

Issuance volumes incl. conducted (excl. planned) syndicates and reopenings that were fully integrated into own holdings

At year-end 2022, around 60% of the Federal government's debt portfolio consisted of Federal bonds (BUND), with 10-year bonds accounting for a share of around 40%. They represent by far the most important financing instrument for the Federal government.

In line with their short maturities of 12 months, the monthly Treasury discount paper (BUBILL 12M) have a relatively short financing effect and thus, despite accounting for a high share of the issuance volume, only accounted for just under 10 % of the outstanding volume of all Federal securities.

The most recently introduced green Federal securities (GREEN) accounted for around 1 % of the Federal debt outstanding.

Shares of Federal Securities in Total Volume Outstanding

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


Capital Market Instruments

Key characteristics of most Federal securities are their fixed maturities and fixed nominal interest rates - for example, Federal Treasury notes, Federal notes and Federal bonds and their green twins.

Inflation-linked Federal securities, on the other hand, offer a fixed real coupon. Nominal interest and redemption are linked to an inflation index for the euro area.

All Federal securities with an original maturity of more than one year can be traded on the stock exchange. Interest is calculated using the standard actual/actual methods in accordance with ICMA.

Money Market Instruments

Money market instruments - BUBILL with maturities of 12 months - are discount papers. Unlike other Federal securities, they are traded over the counter (OTC). Interest is calculated in accordance with ICMA actual/360.

All Federal securities are issued without certificates in the form of uncertificated securities. All Federal securities have in common that they are eligible as cover funds, are safe for borrowers and are eligible for central bank borrowing. Repayments are always made at par; in the case of inflation-linked Federal securities, at par adjusted for inflation indexation. There is no provision for early redemption through cancellation or drawing by the issuer. The denomination is € 0.01.

Structure of the ISIN / Securities Identification Number

From January 1, 2023, the ISINs of Federal securities will have an alphanumeric securities identification number (SIN). The usual beginning of the ISIN "DE000" is followed by the alphanumeric SIN and a check digit at the end.

The SIN is structured as follows:

  •     two-digit issuer abbreviation (BU)
  •     numeric value (0-9)
  •     alphanumeric value

The third and fourth digits are fixed according to the instrument class and maturity. Thus, the SIN can be used to distinguish between instrument type and maturity.

The fifth and sixth digits are used for sequential numbering.

The numerical values for the instrument classes are:

2Bund, Bobl, Schatz
3Green securities
4Strip and others

The fourth digit of the new SIN is alphanumeric and is used to specify maturities, strips or other instruments.


  • Around the world, yields on Federal securities are regarded as a benchmark for bonds from other issuers in the euro area - both sovereigns and corporates.
  • Large international investors invest in Federal securities in particular if they wish to invest part of their funds in euros.
  • Federal securities are preferred as collateral for short-term interbank lending.
  • Federal securities are used to manage interest rate risks, e.g. by banks.
  • Only Federal securities can be used to supply the most important euro interest rate contracts (futures) on the futures market.
  • Federal securities are an essential instrument for the implementation of monetary policy in the euro area.

Understanding Federal Securities