Issuance planning

Thanks to its credible issuance and information policy based on continuity the Federal Government and its issues have been considered the benchmark for government bonds in the eurozone for many years.

The Federal Government publishes a detailed issuance preview in December of each year containing the exact issuance dates and volumes for the forthcoming year.

The Federal Government publishes its planned issuance programme for the forthcoming calendar year in the second half of December in the form of a press release and newsletter. The annual preview provides a clear overview of the type of Federal Government security to be issued, the type and day of issue, the day of maturity as well as the targeted nominal volume for Treasury discount paper (Bubills), Federal Treasury notes (Schaetze), five-year Federal notes (Bobls) and Federal bonds (Bunds).

By publishing such a detailed issuance calendar for the entire calendar year at such an early stage, the Federal Government underscored once again its global reputation as a transparent and extremely reliable issuer. This enables its investors to plan ahead with respect to the frequency of German Government securities at an even earlier stage and provides them with even better information on which to base their investment decisions.

During the course of the year each quarter of the issuance calendar is published separately at the end of each previous quarter.

Detailed planning information is not yet provided for the newer types of government funding instruments, such as inflation-linked securities, foreign currency bonds and promissory notes.

Although the Federal Government always aims to proceed with issues as announced, its issuance planning is subject to change with respect to the amounts and dates in question depending on the funding requirements and liquidity of the Federal Government, not to mention the conditions prevailing on the capital market.

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Press release of 16 December 2021: Issuance outlook of the German Federal Government for the year 2022 (PDF)
Presentation of 16 December 2021: Issuance calendar 2022 (PDF)