Bundesbank announces €5 billion auction of federal treasury notes

The Deutsche Bundesbank will conduct a multi-ISIN auction on January 19, 2026, for non-interest-bearing federal treasury notes, known as Bubills, aligning with the federal government's issuance plan for the first quarter.

This auction comprises two distinct components.

An existing Bubill, originally issued in June 2025 with a 12-month maturity (ISIN DE000BU0E303), will see an increase of €2 billion.

This particular note has a current outstanding volume of €9.5 billion and is set to mature on June 17, 2026, with a remaining maturity of 147 interest days.

Concurrently, a new Bubill issue, dated January 2026 with an 11-month maturity (ISIN DE000BU0E378), will be introduced with a target allocation of €3 billion.

This new instrument is scheduled to mature on December 9, 2026, encompassing 322 interest days.

The aggregate target volume for both the increase and the new issue is €5 billion, which includes a market maintenance quota.

The final, precise allocation amounts for each individual Bubill will be formally established during the tender allocation process on January 19, 2026.

Bidding is open exclusively to members of the Federal Issues Bidding Group.

Bids must be for a nominal amount of at least €1 million or a whole multiple thereof.

Yield bids are required to be submitted in full 0.001 percentage points, while the submission of price bids is not permissible.

Multiple bids at different yields, as well as bids without a specified yield, are allowed.

The tender procedure follows a defined schedule: the tender announcement day is Friday, January 16, 2026; bids must be submitted on Monday, January 19, 2026, between 8:00 AM and 11:30 AM Frankfurt time; and the settlement day is Wednesday, January 21, 2026.

General procedural rules for tenders and specific conditions for federal securities auctions via the Bund Bietungs-System (BBS) apply.