Bundesbank announces €5 billion auction for federal treasury bills
The Deutsche Bundesbank has announced an auction for two federal treasury bills (Bubills) on January 19, 2026, aiming to allocate €5 billion. This includes an increase for the June 2025 issue and a new issue for January 2026.
Details of the two Bubill issues
The upcoming auction on January 19, 2026, will feature two types of federal treasury bills (Bubills).
The first is an increase for the June 2025 issue (ISIN DE000BU0E303), which has a remaining maturity of five months and matures on June 17, 2026.
Its current emission volume stands at €9.5 billion.
The second is a new issue for January 2026 (ISIN DE000BU0E378), with a maturity of eleven months, due on December 9, 2026.
The Federal government aims to allocate a total of €5 billion across both Bubills, including the market maintenance quota.
Specifically, €2 billion is intended for the June 2025 issue and €3 billion for the January 2026 new issue.
The final allocation amounts will be determined during the tender allotment on January 19, 2026.
Auction process and key dates
Only members of the Federal Issues Bidding Group are eligible to participate.
Bids must be for a minimum nominal amount of €1 million or multiples thereof.
Yield bids must be in 0.001 percentage point increments; price bids are not permitted.
Accepted yield bids are allocated at their stated yield, while bids without a yield are allocated at the weighted average of accepted bids.
The tender procedure's key dates are: announcement on Friday, January 16, 2026; bid submission on Monday, January 19, 2026, from 8:00 AM to 11:30 AM Frankfurt time; and settlement on Wednesday, January 21, 2026.
Ensuring short-term government funding
This auction represents a standard operational procedure for the federal government to manage its short-term funding needs.
It ensures liquidity in the market for federal treasury bills, providing a stable investment option for eligible bidders.
The consistent issuance supports the overall functioning of the sovereign debt market.