Federal Treasury notes ("Schaetze")


Maturity: 2 years

Income: fixed annual interest payment

Redemption: at par value

Price risk: low

Issuer risk: very low

With a maturity of two years, Federal Treasury notes (Schaetze) have the shortest maturity of any capital market instruments issued by the Federal Government.

Schaetze as a proportion of currently tradeable Government debt

Primary market

After Bunds and Bobls, Schaetze are one of the Federal Government's most important funding tools. As there are four new issues per year, there are eight Schaetze outstanding at any one time.

As in 2017, four new issues of Schaetze will be carried out in 2018 – in February, May, August and November. After an initial issue with a volume of € 5 bn, three of them will be reopened in the two following months to reach a volume of € 13 each. The new issue in November will have one reopening, reaching € 8 bn at year-end 2018. In addition, the Schatz initially issued in November 2017 maturing on 13 December 2019 will be re-opened for a final time in January 2018 by € 5 bn. This means that in the 2018 issuance calendar again € 52 bn (as previous year) or about 27 % (previous year: almost 30 %) of the annual issuance volume (incl. inflation-indexed Government securities) will be raised via Schaetze.

Schaetze as a proportion of total issuance volume in 2018

In contrast to the issuance volumes of nominal bonds which already had been fixed within the issuance calendar for the whole year, the issuance amount of the inflation-linked bonds is specified on a daily basis. Their share increases during the year with each new issuance of an inflation-linked bond (whereby the shares of the nominal bonds decrease slightly).

Secondary market

Schaetze are among the most liquid securities traded on the secondary market for German Government securities. The general tendency on the primary market is for there to be eight outstanding Schaetze at any one time. At year-end 2017, there is an outstanding volume of € 100 bn corresponding to around 9 % of the total German Government bond volume (2016: € 98 bn or 9 %, too). Schaetze accounted for around 12 % of the trading volume of German Government securities of the reporting member banks of the Bund Issues Auction Group in 2016 vs. 11 % in 2015.

Currently tradeable Federal Treasury notes

Bond Maturity Coupon Outstanding last Auction ISIN
No security was found.
2018 Schatz 13.03.2020 0.00 % 5,000 € m 20.02.2018 DE0001104719
2017 IV Schatz 13.12.2019 0.00 % 13,000 € m 23.01.2018 DE0001104701
2017 III Schatz 13.09.2019 0.00 % 13,000 € m 17.10.2017 DE0001104693
2017 II Schatz 14.06.2019 0.00 % 13,000 € m 01.08.2017 DE0001104685
2017 Schatz 15.03.2019 0.00 % 13,000 € m 25.04.2017 DE0001104677
2016 IV Schatz 14.12.2018 0.00 % 13,000 € m 17.01.2017 DE0001104669
2016 III Schatz 14.09.2018 0.00 % 13,000 € m 28.09.2016 DE0001104651
2016 II Schatz 15.06.2018 0.00 % 14,000 € m 06.07.2016 DE0001104644
2016 Schatz 16.03.2018 0.00 % 13,000 € m 06.04.2016 DE0001104636

The terms of issue for Federal Treasury notes are available within the security master data after clicking on the corresponding ISIN.