Bundesbank announces tender for increase and new issue of federal treasury notes
The Deutsche Bundesbank announced a tender procedure for the increase and new issue of two non-interest-bearing federal treasury notes (Bubills). The tender, scheduled for January 19, 2026, aims to raise €5 billion across both issues.
Two Bubills, €5 billion target
The federal government's issuance plan for Q1 2026 includes an increase and new issue of non-interest-bearing federal treasury notes (Bubills) on January 19, 2026.
The increase applies to the June 2025 Bubill (ISIN DE000BU0E303), with a current volume of €9.5 billion and maturing on June 17, 2026.
A new January 2026 Bubill (ISIN DE000BU0E378) will also be issued, maturing on December 9, 2026.
A total of €5 billion is targeted across both issues.
The government intends to allocate €2 billion to the June 2025 increase and €3 billion to the January 2026 new issue.
Final allocations will be set during the tender on January 19, 2026.
Bidding rules and timeline
Bidding is open to members of the Federal Issues Bidding Group, with a minimum nominal amount of €1 million.
Yield bids must be in 0.001 percentage points; price bids are not permitted.
Accepted yield bids are allocated at their stated yield, while bids without a yield receive the weighted average.
Repartition is reserved.
Key dates: Announcement Day, January 16, 2026; Bids due January 19, 2026 (8:00-11:30 AM Frankfurt time); Value Date, January 21, 2026.
Routine, but crucial funding
This tender represents a routine but essential step in the federal government's funding strategy for the first quarter.
The targeted €5 billion volume contributes to maintaining market liquidity for short-term government debt.
While standard, such operations are vital for continuous public finance management.