Germany to Issue Securities Worth $400 Billion in 2025

The German government on Tuesday announced plans to issue a volume of around $400 billion in Federal securities via auctions in 2025 as against $459.75 billion this year and a record volume of around $524.23 billion in 2023.

The government is also planning two syndicates by raising $251.63 billion on the capital market and another $132.11 billion on the money market, both through auctions of conventional Federal securities. It is also planned to issue Green Federal securities with a volume of $13.63 billion to $15.73 billion.

According to the federal finance agency Finanzagentur GmbH, which is responsible for the Federal government’s debt management, borrowing and cash management, 16 issues are planned in the two-year Federal Treasury notes with a total volume of $73.92 billion next year.

At first, the Federal Treasury note maturing in December 2026 will be increased by $4.72 billion in January. This will be followed by one new issue per quarter, each with a volume of $5.24 billion. Three of these new securities, maturing in March, June and September 2027, will each be reopened three times during the course of the year, reaching an outstanding volume of between $17.82 billion and $19.4 billion each. The new Federal Treasury note maturing in December 2027 will be tapped twice to reach an outstanding volume of $13.11 billion by the end of 2025.

An issuance volume of $65.53 billion in total is planned for the five-year Federal notes. The 14 issue dates include the issuance of two new series, each will be reopened six times. The new series maturing in April 2030 will reach an outstanding volume of $33.55 billion by the end of 2025, while the outstanding volume of the new series maturing in October 2030 will amount to $31.98 billion.

Federal Bonds

In the 10-year maturity segment, 15 issues with a total volume of $67.1 billion are planned for Federal bonds. Two new bonds will be issued, which will be tapped seven and six times respectively during the year. This will bring the new 10-year Federal bond maturing in February 2035 to an outstanding volume of $35.65 billion.

The outstanding volume of the new Federal bond maturing in August 2035 will amount to $31.45 billion by the end of 2025.

Nine reopening dates with a total volume of $17.82 billion are planned for outstanding 15-year Federal bonds. Multi-ISIN auctions are usually carried out on these dates, meaning that a newer 15-year Federal bond and an older Federal bond are issued together. The newer Federal bond will be announced with this annual preview or the following quarterly calendars. The older bond will be announced via press notice in the week before the multi-ISIN auction.

A total of $27.26 billion will be raised in 11 issues of 30-year Federal bonds. With the exception of December, there will be monthly reopening dates for outstanding securities. These will usually also take place as part of multi-ISIN auctions and a newer 30-year Federal bond will be tapped together with another 30-year bond.

The procedure for announcing the bonds is analogous to the 15-year Federal bonds. In addition to the re-openings, the Federal government plans to issue a new 30-year Federal bond by syndicate in 2025.