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 265 1 121 193 531 759
municipal
EUR 887 286 666 522 190
USD 18 14 050 000 000
CHF 6 1 160 000 000
BRL 2 315 000 000
GBP 2 600 000 000
AUD 1 75 000 000
NOK 1 500 000 000
MXN 1 500 000 000
corporate
EUR 9637 1 548 076 543 007
USD 890 353 440 059 178
GBP 106 61 901 500 000
NOK 75 50 983 000 000
AUD 66 45 981 950 000
CHF 59 13 164 380 000
SEK 27 39 750 000 000
RUR 26 12 623 367 000
CNY 22 14 052 000 000
NZD 22 6 980 000 000
CAD 16 7 100 000 000
ZAR 13 18 550 000 000
BRL 13 2 670 320 000
TRY 11 3 055 000 000
DEM 10 3 669 030 000
JPY 8 226 286 000 000
HKD 6 5 817 000 000
ITL 5 10 775 000 000 000
SGD 3 690 000 000
INR 2 5 500 000 000
MXN 2 1 300 000 000
DKK 1 4 000 000 000
HUF 1 12 000 000 000
ISK 1 3 000 000 000
RON 1 21 000 000
IDR 1 83 500 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
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.) ***
Rating Agency RAEX (Expert RA) *** Foriegn curr. scale ***
Rating Agency RAEX (Expert RA) *** Local curr. scale ***
National Rating Agency *** Global scale ***
Registration required. Please log in or fill in the registration form.

Latest bond issues

issue ISIN coupon volume end of placement maturity date
Commerzbank, FRN 10dec2019, USD - International bonds XS1531266580 8 000 000  USD 12/10/2019 12/10/2019
Commerzbank, 13% 26sep2017, USD - International bonds XS1496320935 13% 2 000 000  USD 09/19/2017 09/26/2017
KFW, 2.9% 6jun2022, AUD - Domestic bonds AU000KFWHAF2 2.9% 350 000 000  AUD 01/18/2017 06/06/2022
DZ BANK, 0.01% 16jan2018, EUR - Domestic bonds DE000DG4T9E3 0.01% 100 000 000  EUR 01/16/2017 01/16/2018
LEG Immobilien AG, 1.25% 23jan2024, EUR - International bonds XS1554456613 1.25% 500 000 000  EUR 01/16/2017 01/23/2024
Deutsche Bank, 1.5% 20jan2022, EUR - Domestic bonds DE000DL19TA6 1.5% 1 500 000 000  EUR 01/16/2017 01/20/2022
Deutsche Bank, FRN 18jan2019, USD - International bonds US25152R7D94 3M LIBOR USD + 1.45% 500 000 000  USD 01/13/2017 01/18/2019
Aroundtown Property Holdings, 2.125% 13mar2023, EUR - International bonds XS1532877757 2.125% 550 000 000  EUR 01/13/2017 03/13/2023
BayernLB, 1.25% 20dec2021, GBP - International bonds XS1551726737 1.25% 250 000 000  GBP 01/12/2017 12/20/2021
Landwirtschaftliche Rentenbank, 2.375% 23jan2024, USD - International bonds XS1551675488 2.375% 500 000 000  USD 01/12/2017 01/23/2024

Exchange Bond Indices

Daily indices

Type: 01/16/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017 01/06/2017
DAX EUROGOV® Indices
EUROGOV® Germany 10+ Total Return 326.84 325.91 328.39 328.46 327.35 326.78 326.92
EUROGOV® Germany 10+ Price 154.32 153.91 155.12 155.17 154.64 154.38 154.48
EUROGOV® Germany 1-11 Total Return 205.02 204.78 204.96 204.86 204.77 204.75 204.69
EUROGOV® Germany 1-10 Price 101.25 101.14 101.23 101.19 101.15 101.15 101.13
EUROGOV® Germany 1-4 Total Return 159.45 159.37 159.38 159.40 159.44 159.45 159.43
EUROGOV® Germany 1-3 Price 83.58 83.55 83.56 83.57 83.59 83.60 83.60
EUROGOV® Germany 3-6 Total Return 193.58 193.34 193.39 193.38 193.39 193.43 193.41
EUROGOV® Germany 3-5 Price 101.36 101.24 101.28 101.28 101.29 101.31 101.31
EUROGOV® Germany 5-11 Total Return 239.73 239.33 239.72 239.40 239.15 239.08 238.95
EUROGOV® Germany 5-10 Price 126.14 125.94 126.15 125.98 125.85 125.82 125.77
EUROGOV® Germany Money Market Total Return 142.21 142.20 142.20 142.21 142.22 142.24 142.24
EUROGOV® Germany Money Market Price 73.73 73.73 73.73 73.74 73.75 73.76 73.76
show other indices

World Bond Market Indicators

Daily indices

Type: 01/17/2017 01/16/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017
Treasuries
Bund 10Y YTM 0.32 0.32 0.34 0.32 0.33 0.29 0.28
show other indices

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
EU Long-term interest rates
Germany, % 0.25 0.19 0.00 -0.09 -0.13 -0.15 -0.02
show other indices

World Bond market statistics

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
Domestic govt Bonds markets (Western Europe)
German govt Bonds outst., EUR bln (without Bills) 1 108.99 1 125.10 1 118.64 1 126.16 1 134.41 1 115.46 1 123.05
show other indices

Quarterly indices

Type III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015 I 2015
BIS volume of internetional-bond market of developed countries
German international bonds, USD bln 199.700 178.200 1.195 1.124 1.192 1.201 1.171
BIS net issues of internetional-bond market of developed countries
International-bond net issue of Germany, USD bln 21.000 6.800 43.000 -48.800 1.100 -1.600 8.782

New issues of Developed markets International Bonds

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
Developed Market International Bonds (excl. USA)
New issues of international bonds (Germany), USD bln 2.327 16.480 16.682 23.172 13.703 15.586 6.569
Number of new international bond issues (Germany) 32 55 54 81 62 60 90
show other indices

Developed Markets International Bonds

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
International bonds Developed Markets
Germany municipal international bonds, USD bln 14.561 14.784 14.051 12.763 11.412 11.423 11.371
Germany corporate international bonds, USD bln 733.324 734.987 729.048 753.247 722.702 723.363 716.993
show other indices

Credit Risk Indicators

Daily indices

Type: 01/17/2017 01/16/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017
CDS Developed markets (sov.) 
CDS 5Y Germany mid * * * * * * *
show other indices

Subscription "Cbonds-Premium", "Cbonds-Premium Personal", "Cbonds-Trial" required. Subscribe/Get trial access

Risk Management Institute

Daily indices

Type: 01/16/2017 01/13/2017 01/11/2017 01/10/2017 01/09/2017 01/06/2017 01/05/2017
RMI CVI - Europe
Germany CVI value weighted  5.29 5.39 5.45 5.44 5.46 5.50 5.60
Germany CVI tail  100.67 99.34 104.23 96.79 97.33 97.45 107.12
Germany CVI equally weighted  35.53 36.42 36.77 37.69 37.84 38.17 36.74
show other indices

Stock market (World)

Daily indices

Type: 01/17/2017 01/16/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017
Stock market (Developed countries)
DAX  11 540.00 11 554.71 11 629.18 11 521.04 11 646.17 11 583.30 11 563.99
show other indices