Issuance
The Federal government's money market paper with an original maturity of 12 months forms an essential element in the Federal government's annual issuance plan. They enable the Federal government to react most flexibly of all Federal securities to changing financing needs at short notice.
Since 2020, Bubills with a maturity of 12 months have been reissued every month. Since then, they have been reopened after one, three, six, seven and nine months. Due to these five reopenings per Bubill, the federal government now offers a total of six residual maturities between 3 and 12 months on the money market every month. This issuance pattern is to be continued in 2023.
Eleven new issues of € 3 each are planned for 2024 (except for December), as well as several monthly reopenings of € 2 or 3 bn. Both, new issues and reopenings, will partly be carried out within the framework of multi-ISIN auctions, in which two Bubills will be issued on the same day.
Bubills are expected to account for € 165 bn of the annual issuance volume in 2024, € 44 bn less than in 2023.
Upcoming Auctions
Date | Issuance | Volume | Coupon | Maturity |
---|---|---|---|---|
26.08.2024 |
Bubill (R) DE000BU0E139 | 3.0 € bn | - | 15.01.2025 |
26.08.2024 |
Bubill (R) DE000BU0E196 | 3.0 € bn | - | 16.07.2025 |
02.09.2024 |
Bubill (R) DE000BU0E154 | 2.0 € bn | - | 19.03.2025 |
Latest Auction Results
Date | Issuance | Bid/Cover | Volumes | Yield |
---|---|---|---|---|
19.08.2024 |
Bubill (N) DE000BU0E204 | 1.4 | (A) (B) | 2.8311% |
12.08.2024 |
Bubill (R) DE000BU0E113 | 1.1 | (A) (B) | 3.2999% |
12.08.2024 |
Bubill (R) DE000BU0E170 | 1.2 | (A) (B) | 2.999% |
Bid/Cover Ratio: Ratio of offered and allocated volume
Issuance History & Progress
Current year vs. previous year
Outstanding Securities
Treasury discount paper accounted for € 149 bn of all Federal securities outstanding at the end of 2023. This corresponds to a share of about 8 % of the volume of all outstanding Federal securities and is a bit more than the € 139 bn at year-end 2022.
Current Share of non-conventional Treasury Discount Paper in the Volume of all Federal Securities Outstanding
Current Outstanding Treasury Discount Paper
Bond | Maturity | Coupon | Outstanding | Last Issuance | ISIN |
---|---|---|---|---|---|
Total volume | 121,000 € mn | - | |||
Bubill | 21.08.2024 | - | 16,000 € mn | 29.04.2024 | DE000BU0E089 |
Bubill | 18.09.2024 | - | 16,000 € mn | 10.06.2024 | DE000BU0E097 |
Bubill | 16.10.2024 | - | 13,000 € mn | 08.07.2024 | DE000BU0E105 |
Bubill | 20.11.2024 | - | 13,000 € mn | 12.08.2024 | DE000BU0E113 |
Bubill | 11.12.2024 | - | 9,500 € mn | 22.07.2024 | DE000BU0E121 |
Bubill | 15.01.2025 | - | 11,000 € mn | 01.07.2024 | DE000BU0E139 |
Bubill | 19.02.2025 | - | 9,000 € mn | 05.08.2024 | DE000BU0E147 |
Bubill | 19.03.2025 | - | 7,000 € mn | 10.06.2024 | DE000BU0E154 |
Bubill | 16.04.2025 | - | 8,000 € mn | 08.07.2024 | DE000BU0E162 |
Bubill | 14.05.2025 | - | 7,000 € mn | 12.08.2024 | DE000BU0E170 |
Bubill | 18.06.2025 | - | 5,500 € mn | 22.07.2024 | DE000BU0E188 |
Bubill | 16.07.2025 | - | 3,000 € mn | 15.07.2024 | DE000BU0E196 |
Bubill | 20.08.2025 | - | 3,000 € mn | 19.08.2024 | DE000BU0E204 |