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 topped up 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 bn each are planned for 2023 (except for December), as well as several monthly reopenings of € 2, 3 or 5 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 auction day.
Bubills are expected to account for € 242 bn or around 47 % of the annual auction volume in the 2023 issuance calendar, € 22 bn more than in 2022.
Latest Auction Results
Bid/Cover Ratio: Ratio of offered and allocated volume
Treasury discount paper accounted for € 139 bn of all Federal securities outstanding at the end of 2022. This corresponds to a share of about 8 % of the volume of all outstanding Federal securities and is less than record level of € 154.5 bn of the previous year.
Current Share of non-conventional Treasury Discount Paper in the Volume of all Federal Securities Outstanding
Current Outstanding Treasury Discount Paper
|Total volume||129,000 € mn|
|12M Bubill||22.02.2023||-||22,500 € mn||21.11.2022||DE0001030815|
|12M Bubill||22.03.2023||-||19,500 € mn||28.11.2022||DE0001030823|
|12M Bubill||13.04.2023||-||16,000 € mn||23.01.2023||DE0001030831|
|12M Bubill||17.05.2023||-||14,000 € mn||12.12.2022||DE0001030849|
|12M Bubill||21.06.2023||-||10,500 € mn||05.12.2022||DE0001030856|
|12M Bubill||19.07.2023||-||11,000 € mn||09.01.2023||DE0001030864|
|12M Bubill||23.08.2023||-||7,500 € mn||31.10.2022||DE0001030872|
|12M Bubill||20.09.2023||-||8,000 € mn||28.11.2022||DE0001030880|
|12M Bubill||18.10.2023||-||10,000 € mn||23.01.2023||DE0001030898|
|12M Bubill||22.11.2023||-||5,000 € mn||12.12.2022||DE0001030906|
|Bubill||17.01.2024||-||5,000 € mn||16.01.2023||DE000BU0E014|