Federal notes ("Bobls")
Maturity: 5 years
Income: fixed annual interest payment
Redemption: at par value
Price risk: medium
Issuer risk: very low
Federal notes (Bobls), which have maturities of five years, represent the middle of the German Government yield curve.
Bobls as a proportion of currently tradeable Government debt
After Bunds, Bobls are the Federal Government's second most important source of funding. Two new series will be issued in 2017, too.
In 2018, again € 35 bn or about 18 % or of the annual issuance volume (including inflation-indexed Government securities) on the capital market is represented by Bobls (previous year: also € 35 bn or 20 %).
According to the 10-year Federal bonds the there will be two new series of Federal notes auctioned in January (series 177) and July (series 178) 2018. After a first issuance volume of € 4 bn both Bobls with maturities in 14 April and 13 October 2023 will be reopened four times with auction volumes of € 3 to 4 bn each, until they reach outstanding volumes of € 17 bn and € 18 bn respectively.
Bobls as a proportion of total issuance volume in 2018
As at the end of 2017, Bobls accounted for almost a fifth or € 213 bn of tradable German Government securities in circulation. In 2016, Bobls made up about 16 % of the trading volume in German Government securities of a representative share of the banks making up the Bund Issues Auction Group.
Currently tradeable five-year Federal notes
|No security was found.|
|Bobl||23.02.2018||0.50 %||17,000 € m||03.04.2013||DE0001141653|
|Bobl||13.04.2018||0.25 %||17,000 € m||07.08.2013||DE0001141661|
|Bobl||12.10.2018||1.00 %||17,000 € m||04.12.2013||DE0001141679|
|Bobl||22.02.2019||1.00 %||16,000 € m||02.04.2014||DE0001141687|
|Bobl||12.04.2019||0.50 %||16,000 € m||06.08.2014||DE0001141695|
|Bobl||11.10.2019||0.25 %||16,000 € m||03.12.2014||DE0001141703|
|Bobl||17.04.2020||0.00 %||20,000 € m||03.06.2015||DE0001141711|
|Bobl||16.10.2020||0.25 %||19,000 € m||11.11.2015||DE0001141729|
|Bobl||09.04.2021||0.00 %||21,000 € m||01.06.2016||DE0001141737|
|Bobl||08.10.2021||0.00 %||19,000 € m||30.11.2016||DE0001141745|
|Bobl||08.04.2022||0.00 %||18,000 € m||07.06.2017||DE0001141752|
|Bobl||07.10.2022||0.00 %||17,000 € m||08.11.2017||DE0001141760|
|Bobl||14.04.2023||0.00 %||4,000 € m||31.01.2018||DE0001141778|