Germany tenders €6 billion in federal treasury notes
The German Finance Agency, acting on behalf of the Federal Republic and via the Deutsche Bundesbank, is tendering €6 billion in 2.10 percent federal treasury notes. Bids for the notes, maturing on March 15, 2028, are due by January 27, 2026.
The €6 Billion Federal Treasury Notes
The tender offers 2.10 percent federal treasury notes (Bundesschatzanweisungen) issued in 2026 and maturing on March 15, 2028. These notes feature an annual interest payment date of March 15, with interest accrual commencing on January 29, 2026. The first interest payment is scheduled for March 15, 2027, covering a period of 410 days.
The ISIN for this issuance is DE000BU22122. The targeted issuance volume, which includes the market-making quota, is set at €6 billion, aiming to meet the federal government's short-term financing needs.
Tender Rules and Key Dates
Participation in the tender is open exclusively to members of the Federal Issue Bidder Group.
Bids must be submitted for a nominal amount of at least €1 million or a whole multiple thereof.
Price bids are required to be in increments of 0.005 percentage points.
Bids submitted without a specified price will be allocated at the weighted average price of all accepted price bids, while accepted price bids are allotted at their stated rate.
The issuer reserves the right to apply pro-rata allocation.
The deadline for bid submission is Tuesday, January 27, 2026, from 8:00 AM to 11:30 AM Frankfurt time.
The notes will be introduced on the stock exchange on the same day.
The value date for the issuance is Thursday, January 29, 2026, with settlement handled through Clearstream Europe AG's delivery-versus-payment night processing.
Routine but Essential
This tender represents a routine, yet essential, operational activity for the German federal government to manage its short-term funding requirements.
For eligible market participants, it offers a stable, low-risk investment opportunity in a liquid asset.
While not a monetary policy decision, these issuances are crucial for the smooth functioning of the sovereign debt market.
Source: Ausschreibung von Bundesschatzanweisungen
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