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
Besides 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 the previous years, four new issues of Schaetze will be carried out in 2021 – in February, May, August and November. After an initial issue with a volume of € 6 bn, the new issues reach a final volume of € 16 bn after two reopenings of € 5 bn in the following months, each. According to current planing the new issue in November will have just one reopening of € 4 bn before year-end, reaching € 10 bn for the time being. In addition, the Schatz initially issued in November 2020 will be re-opened for a last time in January 2021 by € 6 bn in order to achieve a final volume of € 14 bn.
This means that in the 2021 auction calendar currently € 64 bn will be raised via Schaetze, € 8 bn more than in the previous year.
Schaetze as a proportion of total issuance volume in 2021
Schaetze are among the most liquid securities traded on the secondary market for German Government securities. The general tendency on the primary market is to have eight outstanding Schaetze at any one time. At year-end 2020, there was an outstanding volume of € 107.5 bn corresponding to more than 7 % of the total Federal securities volume. This exceeds in absolute but not in relative terms previous year's level of € 98 bn and 9 %.
At year-end 2020 the tradable volumes of each single security (without the November Schatz whose targeted final volume wasn't achieved at year-end) amounted to € 13 to 15.5 bn.
Schaetze accounted for around 13 % (€ 528 bn) of the trading volume of German Government securities of the reporting member banks of the Bund Issues Auction Group in 2019. That is almost unchanged versus previous year's share but in absolute numbers less then 2018's € 595 bn.
Currently tradeable Federal Treasury notes
|No security was found.|
|2020 IV Schatz||15.12.2022||0.00 %||14,000 € m||05.01.2021||DE0001104826|
|2020 III Schatz||16.09.2022||0.00 %||15,000 € m||20.10.2020||DE0001104818|
|2020 II Schatz||10.06.2022||0.00 %||15,000 € m||21.07.2020||DE0001104800|
|2020 Schatz||11.03.2022||0.00 %||14,000 € m||21.04.2020||DE0001104792|
|2019 IV Schatz||10.12.2021||0.00 %||15,500 € m||16.04.2020||DE0001104784|
|2019 III Schatz||10.09.2021||0.00 %||13,000 € m||15.10.2019||DE0001104776|
|2019 II Schatz||11.06.2021||0.00 %||14,000 € m||30.07.2019||DE0001104768|
|2019 Schatz||12.03.2021||0.00 %||13,000 € m||30.04.2019||DE0001104750|