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 2020, too.
In 2019, € 41 bn or about 20 % of the annual issuance volume (including inflation-indexed Government securities) was issued as Bobls on the capital market. As in 2018, at year-end 2019 their share of the outstanding debt amounted to around 17 %. 2019, the issuance volume of Bobls will decrease by € 5 bn to € 36 bn, representing about 17 % of the total issuance volume of across all Government securities.
According to the previous year or to the 10-year Federal bonds issuance pattern there will be two new series of Federal notes again in 2020, auctioned in January (series 181) and July (series 182). After a first issuance volume of € 4 bn both Bobls with maturities on 11 April and 10 October 2025 will be reopened four and five times. Series 181 will be reopened once with an auction volume of € 4 bn and three times with an auction volume of € 3 bn until it reaches a final outstanding volume of € 17 bn, Series 182 will be reopened five times with an auction volume of € 3 bn until it reaches a final volume of € 19 bn.
Bobls as a proportion of total issuance volume in 2020
As at the end of 2019, Bobls accounted for € 187 bn of tradable German Government securities in circulation. Thereof each security comprised a volume of € 16 to 21 bn.
In 2018, Bobls made up about 16 % (€ 749 bn) of the trading volume in German Government securities of a representative share of the banks making up the Bund Issues Auction Group. 2017 their share amounted to about 18 % (€ 870 bn).
Currently tradeable five-year Federal notes
|No security was found.|
|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 %||20,000 € m||29.11.2017||DE0001141760|
|Bobl||14.04.2023||0.00 %||16,000 € m||06.06.2018||DE0001141778|
|Bobl||13.10.2023||0.00 %||16,000 € m||21.11.2018||DE0001141786|
|Bobl||05.04.2024||0.00 %||21,000 € m||29.05.2019||DE0001141794|
|Bobl||18.10.2024||0.00 %||20,000 € m||27.11.2019||DE0001141802|