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 2022.
Eleven new issues of € 3 bn each are planned for 2022 (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 € 220 bn or around 50 % of the annual auction volume in the 2022 issuance calendar, € 18 bn less than in 2021.
Latest Auction Results
Bid/Cover Ratio: Ratio of offered and allocated volume
Treasury discount papers accounted for € 154.5 bn of all Federal securities outstanding at the end of 2021. This corresponds to a share of about 10 % of the volume of all outstanding Federal securities and is more than one third above the already comparatively high level of the previous year.
Current Share of non-conventional Treasury Discount Papers in the Volume of all Federal Securities Outstanding
Current Outstanding Treasury Discount Paper
|Total volume||148,000 € mn|
|12M Bubill||14.12.2022||-||18,000 € mn||05.09.2022||DE0001030443|
|12M Bubill||18.01.2023||-||23,000 € mn||14.11.2022||DE0001030807|
|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||-||11,500 € mn||07.11.2022||DE0001030831|
|12M Bubill||17.05.2023||-||12,000 € mn||14.11.2022||DE0001030849|
|12M Bubill||21.06.2023||-||8,000 € mn||05.09.2022||DE0001030856|
|12M Bubill||19.07.2023||-||8,000 € mn||10.10.2022||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||-||7,000 € mn||07.11.2022||DE0001030898|
|12M Bubill||22.11.2023||-||3,000 € mn||21.11.2022||DE0001030906|