Treasury Discount Paper

Treasury discount paper (Bubill) are the Federal government's money market paper. They have a maturity of 12 months. The issuance pattern consists of one monthly new issue of € 3 bn (except December) and five subsequent reopenings in the six remaining maturities between 3 and 12 months.

Easily explained

Understanding Treasury discount paper
- basic knowledge for private investors

Issuance

The Federal government's money market paper with an original maturity of 12 months forms an essential element in the Federal government's annual issuance plan. They enable the Federal government to react most flexibly of all Federal securities to changing financing needs at short notice.

Since 2020, Bubills with a maturity of 12 months have been reissued every month. Since then, they have been reopened after one, three, six, seven and nine months. Due to these five reopenings per Bubill, the federal government now offers a total of six residual maturities between 3 and 12 months on the money market every month. This issuance pattern is to be continued in 2023.

Eleven new issues of € 3 each are planned for 2024 (except for December), as well as several monthly reopenings of € 2 or 3 bn. Both, new issues and reopenings, will partly be carried out within the framework of multi-ISIN auctions, in which two Bubills will be issued on the same day.

Bubills are expected to account for € 165 bn of the annual issuance volume in 2024, € 44 bn less than in 2023.

Upcoming Auctions

Upcoming AuctionsN: New Issue    R: Reopening

DateIssuanceVolumeCouponMaturity
22.04.2024 Bubill (R)
DE000BU0E097
2.0 € bn - 18.09.2024
22.04.2024 Bubill (R)
DE000BU0E154
3.0 € bn - 19.03.2025
29.04.2024 Bubill (R)
DE000BU0E089
2.0 € bn - 21.08.2024

Latest Auction Results

Latest Auction ResultsN: New Issue     R: Reopening     A: Allotment     B: Bids

DateIssuanceBid/CoverVolumesYield
15.04.2024 Bubill (R)
DE000BU0E105
1.6
(A)
(B)
3.5599%
15.04.2024 Bubill (N)
DE000BU0E162
1.9
(A)
(B)
3.328%
08.04.2024 Bubill (R)
DE000BU0E071
2.4
(A)
(B)
3.7019%

Bid/Cover Ratio:  Ratio of offered and allocated volume

Issuance History & Progress

Current year vs. previous year

Issuance volumes incl. reopenings in own holdings.

Trade

For the fourth year in a row, the volume of trading in Bubill increased to a new record of € 645 bn in 2022 - up from € 557 bn in 2021. By contrast, their share of trading in all Federal securities declined in parallel from 12 % in 2021 to 10 % in 2022.

Outstanding Securities

Treasury discount paper accounted for € 149 bn of all Federal securities outstanding at the end of 2023. This corresponds to a share of about 8 % of the volume of all outstanding Federal securities and is a bit more than the € 139 bn at year-end 2022.

Current Share of non-conventional Treasury Discount Paper in the Volume of all Federal Securities Outstanding

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

Current Outstanding Treasury Discount Paper

Bond Maturity Coupon Outstanding Last Issuance ISIN
Total volume 134,500 € mn -
Bubill 17.04.2024 - 19,000 € mn 22.01.2024 DE000BU0E048
Bubill 15.05.2024 - 18,500 € mn 12.02.2024 DE000BU0E055
Bubill 19.06.2024 - 17,000 € mn 11.03.2024 DE000BU0E063
Bubill 17.07.2024 - 15,000 € mn 08.04.2024 DE000BU0E071
Bubill 21.08.2024 - 14,000 € mn 25.03.2024 DE000BU0E089
Bubill 18.09.2024 - 11,000 € mn 04.03.2024 DE000BU0E097
Bubill 16.10.2024 - 9,000 € mn 15.04.2024 DE000BU0E105
Bubill 20.11.2024 - 7,000 € mn 12.02.2024 DE000BU0E113
Bubill 11.12.2024 - 5,000 € mn 11.03.2024 DE000BU0E121
Bubill 15.01.2025 - 8,000 € mn 08.04.2024 DE000BU0E139
Bubill 19.02.2025 - 5,000 € mn 25.03.2024 DE000BU0E147
Bubill 19.03.2025 - 3,000 € mn 18.03.2024 DE000BU0E154
Bubill 16.04.2025 - 3,000 € mn 15.04.2024 DE000BU0E162

Understanding Treasury Discount Paper