The Federal Government covers more than 90 percent of its funding needs via one-off issues on the primary market. The bonds are generally issued as part of a tender/auction process in which financial institutions are able to participate once they are accepted into the Bund Issues Auction Group.
The majority of the Federal Government's funding needs are covered by one-off issues via auction process. The exact issuance plan is published in advance for the entire calendar year.
Special funding tools, such as the US-dollar bonds issued in 2005 and 2009 or the Bund-Laender-Anleihe issued in 2013, are placed by the Federal Government on the primary market via a banking consortium.
The one-off issues planned by the Federal Government are announced at the end of each year in its annual preview for the following calendar year. Since 2013, this annual preview has also included a detailed issuance calendar for the forthcoming year complete with exact auction dates so as to enable investors to plan their activities with even greater certainty.
To a far lesser extent, the Federal Government also obtains funding from promissory notes concluded individually with financial institutions on a sporadic basis as well as German Government securities holdings sold on the secondary market following an auction.