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Germany: bonds

The Federal Republic of Germany - Finance Agency is the central service provider for the Federal Republic of Germany's borrowing and debt management.

As of Q1 2013 total amount outstanding is EUR 1089.1 billion.

The market for German Government securities is widely regarded as liquid, straightforward and clearly structured. Divided into money market and capital market instruments, German Government securities offer original maturities ranging from three months to 30 years. In the money market segment, the Federal Government issues Treasury discount paper (“Bubills”) with maturities of six and twelve months. The offering of capital market products begins with Federal Treasury notes (“Schaetze”) with a maturity of two years, followed by five-year Federal notes (“Bobls”) and Federal bonds (“Bunds”) with maturities of ten and 30 years. Since 2006, the Federal Government has also been issuing inflation-linked securities with maturities of five and ten years so far. Securities, all of which are placed by auction as single issues, start off with volumes of at least € 2 billion, although total volumes outstanding in some of the most liquid securities have reached more than € 20 billion.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
EUR 216 1 116 981 973 949
municipal
EUR 829 296 452 214 350
USD 13 11 150 000 000
CHF 4 810 000 000
MXN 1 500 000 000
GBP 1 50 000 000
AUD 1 75 000 000
JPY 1 15 800 000 000
corporate
EUR 9183 1 619 066 340 428
USD 1938 372 400 318 978
GBP 124 69 595 000 000
AUD 77 34 642 280 000
NOK 74 50 953 000 000
CHF 52 9 928 000 000
RUB 27 8 040 805 000
SEK 24 42 680 000 000
NZD 20 5 710 000 000
CNY 19 10 915 000 000
HKD 13 9 400 000 000
CAD 11 5 250 000 000
DEM 9 3 569 823 000
TRY 8 1 462 980 000
ZAR 8 10 200 000 000
JPY 7 210 880 000 000
BRL 6 1 082 320 000
MXN 5 5 500 000 000
SGD 4 990 000 000
ITL 3 10 000 000 000 000
IDR 1 83 500 000 000
DKK 1 4 000 000 000
HUF 1 12 000 000 000
SKK 1 500 000 000

News and comments

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Rating-Agentur Expert RA *** Rating scale of the creditworthiness of sovereign governments (SGC) -National currency ***
Rating-Agentur Expert RA *** Rating scale of the creditworthiness of sovereign governments (SGC) - Foreign currency ***
Rating-Agentur Expert RA *** Rating scale of the country credit environment (CCE) rating - National currency ***
Rating-Agentur Expert RA *** Rating scale of the country credit environment (CCE) rating - Foreign currency ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Commerzbank, FRN 14aug2023, USD - International bonds XS1714983332 5 000 000  USD 08/17/2018 08/14/2023
Commerzbank, FRN 14aug2023, USD - International bonds XS1714983415 5 000 000  USD 08/17/2018 08/14/2023
Commerzbank, FRN 15aug2023, GBP - International bonds XS1714983506 5 000 000  GBP 08/17/2018 08/15/2023
Commerzbank, FRN 15aug2023, USD - International bonds XS1714983688 5 000 000  USD 08/17/2018 08/15/2023
Commerzbank, FRN 16aug2023, USD - International bonds XS1714983761 5 000 000  USD 08/17/2018 08/16/2023
Landesbank Hessen-Thueringen (Helaba), 0.4% 17nov2025, EUR - Domestic bonds DE000HLB4RH6 0.4% 100 000 000  EUR 08/17/2018 11/17/2025
Landwirtschaftliche Rentenbank, 0.05% 12jun2023, EUR - International bonds XS1835983922 0.05% 2 100 000 000  EUR 08/17/2018 06/12/2023
Landesbank Baden-Wuerttemberg (LBBW), 0.3% 11aug2023, EUR - Domestic bonds DE000LB1QAS9 0.3% 24 000 000  EUR 08/16/2018 08/11/2023
Landesbank Baden-Wuerttemberg (LBBW), 0.45% 16aug2024, EUR - Domestic bonds DE000LB1QAT7 0.45% 24 000 000  EUR 08/16/2018 08/16/2024
Landesbank Baden-Wuerttemberg (LBBW), 0.55% 18aug2025, EUR - Domestic bonds DE000LB1QAU5 0.55% 24 000 000  EUR 08/16/2018 08/18/2025

Exchange Bond Indices

Daily indices

Type: 08/20/2018 08/17/2018 08/16/2018 08/15/2018 08/14/2018 08/13/2018 08/10/2018
DAX EUROGOV® Indices
EUROGOV® Germany 10+ Total Return 340.26 340.09 339.60 340.48 338.64 339.03 338.86
EUROGOV® Germany 10+ Price 153.90 153.86 153.64 154.05 153.22 153.41 153.37
EUROGOV® Germany 1-10 Total Return 205.99 205.98 205.87 206.06 205.72 205.78 205.72
EUROGOV® Germany 1-10 Price 99.65 99.65 99.60 99.69 99.53 99.57 99.54
EUROGOV® Germany 1-3 Total Return 157.81 157.82 157.79 157.86 157.82 157.83 157.80
EUROGOV® Germany 1-3 Price 80.80 80.81 80.80 80.84 80.82 80.83 80.82
EUROGOV® Germany 3-5 Total Return 193.02 193.02 192.95 193.08 192.87 192.91 192.83
EUROGOV® Germany 3-5 Price 98.98 98.99 98.96 99.03 98.92 98.94 98.91
EUROGOV® Germany 5-10 Total Return 242.53 242.48 242.30 242.61 242.01 242.12 242.02
EUROGOV® Germany 5-10 Price 125.01 125.01 124.92 125.08 124.77 124.84 124.80
EUROGOV® Germany Money Market Total Return 140.25 140.25 140.24 140.27 140.27 140.27 140.26
EUROGOV® Germany Money Market Price 71.16 71.17 71.17 71.19 71.19 71.20 71.20
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World Bond Market Indicators

Daily indices

Type: 08/17/2018 08/16/2018 08/15/2018 08/14/2018 08/13/2018 08/09/2018 08/08/2018
Yields on debt securities outstanding by residual maturity issued by residents (Germany)
Yields on state government securities (Bundeslaender) 1-2 years, daily data -0.430 -0.430 -0.420 -0.420 -0.420 -0.420 -0.410
Yields on state government securities (Bundeslaender) 2-3 years, daily data -0.320 -0.310 -0.310 -0.300 -0.310 -0.300 -0.280
Yields on state government securities (Bundeslaender) 3-4 years, daily data -0.160 -0.160 -0.150 -0.140 -0.140 -0.110 -0.110
Yields on state government securities (Bundeslaender) 4-5 years, daily data -0.050 -0.040 -0.040 -0.030 -0.030 0.000 0.000
Yields on state government securities (Bundeslaender) 5-6 years, daily data 0.160 0.170 0.170 0.180 0.190 0.210 0.220
Yields on state government securities (Bundeslaender) 6-7 years, daily data 0.310 0.320 0.320 0.330 0.330 0.370 0.380
Yields on state government securities (Bundeslaender) 7-8 years, daily data 0.470 0.470 0.480 0.480 0.490 0.520 0.530
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Monthly indices

Type Jul 2018 Jun 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018
Yields on debt securities outstanding by residual maturity issued by residents (Germany)
Yields on state government securities (Bundeslaender) 1-2 years, monthly data -0.400   -0.400 -0.500 -0.500    
Yields on state government securities (Bundeslaender) 2-3 years, monthly data -0.300   -0.300 -0.300 -0.300    
Yields on state government securities (Bundeslaender) 3-4 years, monthly data -0.200   -0.100 -0.100 -0.100    
Yields on state government securities (Bundeslaender) 4-5 years, monthly data 0.000   0.000 0.100 0.100    
Yields on state government securities (Bundeslaender) 5-6 years, monthly data 0.200   0.200 0.300 0.300    
Yields on state government securities (Bundeslaender) 6-7 years, monthly data 0.300   0.400 0.400 0.400    
Yields on state government securities (Bundeslaender) 7-8 years, monthly data 0.500   0.500 0.600 0.600    
Yields on state government securities (Bundeslaender) 8-9 years, monthly data 0.600   0.700 0.700 0.700    
Yields on state government securities (Bundeslaender) 9-10 years, monthly data 0.700   0.800 0.800 0.800    
EU Long-term interest rates
Germany, %   0.28 0.33   0.45 0.48 0.53 0.66
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World Bond market statistics

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
Domestic govt Bonds markets (Western Europe)
German govt Bonds outst., EUR bln (without Bills) 1 078.71 1 093.99 1 106.76 1 099.52 1 123.57 1 111.58 1 123.11
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Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of developed countries
German international bonds, USD bln 1 341.500 1 292.200 1 279.200 1 242.400 1 187.200 1 158.800 1 199.200
BIS net issues of international-bond market of developed countries
International-bond net issue of Germany, USD bln 27.100 2.600 11.300 11.800 19.000 1.700 21.000

New issues of Developed markets International Bonds

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018
Developed Market International Bonds (excl. USA)
New issues of international bonds (Germany), USD bln 6.301 45.217 11.982 14.972 14.721 13.563 18.808
Number of new international bond issues (Germany) 51 119 75 126 125 131 122
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Developed Markets International Bonds

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
International bonds Developed Markets
Germany municipal international bonds, USD bln 10.459 11.955 11.958 12.737 12.757 13.441 14.470
Germany corporate international bonds, USD bln 858.324 879.321 858.753 869.297 882.615 877.814 875.531
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Credit Risk Indicators

Daily indices

Type: 08/10/2018 07/23/2018 07/18/2018 07/11/2018 06/29/2018 06/28/2018 06/22/2018
CDS Developed markets (sov.) 
CDS 5Y Germany mid * * * * * * *
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Risk Management Institute

Daily indices

Type: 08/17/2018 08/16/2018 08/15/2018 08/14/2018 08/13/2018 08/10/2018 08/09/2018
RMI CVI - Europe
Germany CVI value weighted  5.92 5.91 5.99 5.65 5.59 5.72 5.51
Germany CVI tail  118.96 122.41 123.26 113.42 118.60 121.44 121.86
Germany CVI equally weighted  38.04 36.67 37.35 37.64 35.56 35.39 35.25
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Germany) 2.00 2.10 2.20 1.60 1.60 1.40 1.60
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Germany) 64.10 68.30 71.20 74.70

Stock market (World)

Daily indices

Type: 08/20/2018 08/17/2018 08/16/2018 08/15/2018 08/14/2018 08/13/2018 08/10/2018
Stock market (Developed countries)
DAX  12 331.30 12 210.55 12 237.17 12 163.01 12 358.87 12 358.74 12 424.35
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issues: local and international bonds
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countries
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