Treasury discount paper ("Bubills")


Maturity: 12 months

Income: difference between par value and purchase price

Redemption: at par value

Price risk: very low

Issuer risk: very low

Treasury discount paper (Bubills) are the Federal Government's money market securites. They have a maturity of 12 months. The issuance pattern consists of one new issue per month of €3 bn each month (except December) and five subsequent reopenings of €2 or €3 bn in the six remaining maturities between 3 and 12 months. Two bubills may be issued partly together in multi-ISIN auctions.

Bubills as a proportion of total Government debt currently in circulation

Primary market

The Federal Government's money market paper with original maturitiy of 12 months form a key element of the Federal Government's annual issuance plan. Of all Federal securities, they enable the Federal Government to react most flexibly to short-term changes in financing requirements.

Since 2020, Bubills with a 12-month maturity have been reissued every month. Since then, they have been reopened after one, three, six, seven and nine months. Thanks to these five reopenings per Bubill, the federal government now offers a total of six remaining maturities between 3 and 12 months on the money market each month. This issuance pattern is expected to continue in 2022.

Eleven new issues of €3 bn each are planned for 2022 (with the exception of December), as well as several monthly increases of €2 or €3 bn. Both new issues and increases will be carried out in part in multi-ISIN auctions, in which two Bubills are issued on the same auction day.

In the 2022 annual issuance calendar, Bubills are expected to account for €208 bn or around 51% of the annual auction volume, €30 billion less than in 2021.

Bubills as a proportion of total issuance volume in 2022

In contrast to the issuance volumes of nominal and money market securities which already had been fixed within the issuance calendar for the whole calendar year, the issuance amount of the inflation-linked securities is specified only right before issuance. So in this chart their share increases over the course of the year with each new issuance of an inflation-linked security whereby the shares of the other Federal securites decrease slightly. Similarly, the issuance volumes from syndicates and the increases of conventional twins of Green Federal securities into the Federal Government's own holdings are only included on the date of issuance. They lift the issuance volume - but not the auction volume.

Secondary market

At year-end 2021, the share of Treasury discount paper among Federal securities outstanding was € 154.5 bn. This corresponds to a share of about 10 % of the volume of all outstanding Federal securities and is thus more than one third above the already comparatively high level of the previous year. In parallel, the previous record of € 421 bn trading volume in 2020 also grew by 32 % to € 557 bn. Their share of trading in all Federal securities rose in parallel from 10 % to almost 12 % in 2021.

Currently tradeable Treasury discount paper

Bond Maturity Coupon Outstanding Last Issuance ISIN
No security was found.
12M Bubill 20.07.2022 - 18,500 € m 04.04.2022 DE0001030393
12M Bubill 24.08.2022 - 17,500 € m 02.05.2022 DE0001030401
12M Bubill 21.09.2022 - 19,500 € m 30.05.2022 DE0001030419
12M Bubill 19.10.2022 - 16,500 € m 23.05.2022 DE0001030427
12M Bubill 23.11.2022 - 13,000 € m 09.05.2022 DE0001030435
12M Bubill 14.12.2022 - 12,000 € m 13.06.2022 DE0001030443
12M Bubill 18.01.2023 - 9,000 € m 04.04.2022 DE0001030807
12M Bubill 22.02.2023 - 9,000 € m 02.05.2022 DE0001030815
12M Bubill 22.03.2023 - 8,500 € m 30.05.2022 DE0001030823
12M Bubill 13.04.2023 - 4,500 € m 23.05.2022 DE0001030831
12M Bubill 17.05.2023 - 3,000 € m 16.05.2022 DE0001030849
12M Bubill 21.06.2023 - 3,000 € m 20.06.2022 DE0001030856

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