On 2 September, 2020, the Federal government issued its first green Federal security, a 10-year green Federal bond maturing in August 2030 . Since then, further green Federal securities have been issued in auctions and syndicates every year. The Green Bund curve now comprises 8 green securities with maturities of 5, 10 and 30 years.

After an issuance volume totalling € 11.5 bn in 2020 and € 12.5 bn in 2021 (each year around 1 % of the total issuance volume), green Federal securities with a volume of € 14.5 bn were issued in 2022. In 2023, the issuance volume increased to € 17.25 bn and in 2024, a total of € 17.5 bn was issued in green Federal securities. In 2025, between € 13 and 15 bn are scheduled to be issued in green Federal securities (4 % of total issuance volume), along with one new issue. This will ensure liquidity in the market despite the first maturity of a green Federal security.  

At the time of the new issue of a green security, the volume of the conventional twin security will be increased  by € 1 bn, but remains in the Federal government's own portfolio. When green Federal securities are reopened, the Federal government's own holdings of conventional twin securities will not be increased. This does not affect the Federal government's ability to buy green Federal securities and sell their conventional twins in return.

Green Federal securities can generally be issued using both the syndicate or the usual auction procedure. Green Federal securities can also be issued in multi-ISIN auctions. On 23 January 2024, a multi-ISIN auction with two green Federal securities took place for the first time.

Auction dates according to the annual issuance plan 2025

Tuesday, 21 January 2025
Tuesday, 25 February 2025
Tuesday, 8 April 2025
Tuesday, 20 May 2025
Tuesday, 17 June 2025
Tuesday, 22 July 2025
Tuesday, 9 September 2025
Tuesday, 21 October 2025

The ISINs issued in each case will be disclosed by press notice and in the following overview in the week before the auction.

For green Federal securities, only the issuance dates are published in the annual issuance calendar. The ISIN issued in each case is announced by press notice only a few bank working days before the issuance dates.

Bid/Cover ratio: Ratio of volume offered to volume allocated

Issuance volume incl. reopenings in own holdings and syndicates carried out (excl. planned). Green Federal securities are only displayed from their announcement in the week prior to their auction.