Bundesbank announces €5 billion tender for Federal Treasury Notes
The Deutsche Bundesbank has announced a tender for €5 billion in Federal Treasury Notes (Bubills) on January 19, 2026. The auction will include both a tap of an existing issue and a new 11-month issue, aiming to raise funds for the federal government.
Two issues, €5 billion target
The tender on January 19, 2026, will feature two Federal Treasury Notes (Bubills).
The first is a tap of an existing Bubill (ISIN DE000BU0E303), issued June 2025 with a 12-month maturity.
This issue, with €9.5 billion outstanding, matures June 17, 2026, having 147 interest days remaining.
The Bundesbank aims to allocate €2 billion to this tap.
The second is a new 11-month Bubill (ISIN DE000BU0E378), maturing December 9, 2026 (322 interest days).
For this new issue, €3 billion is targeted.
The combined target volume for both Bubills, including market-making, is €5 billion.
Final allocations will be confirmed during the tender process on January 19, 2026.
Tender process and timeline
Members of the Bietergruppe Bundesemissionen are eligible to bid, with a minimum nominal amount of €1 million.
Yield bids must be in 0.001 percentage point increments; price bids are not allowed.
Bidders can submit multiple bids or bids without a specified yield.
Accepted yield bids are allocated at their specified yield, while bids without a yield are allocated at the weighted average yield of accepted bids.
Pro-rata allocation is reserved.
The tender timeline: announcement January 16, 2026; bids due January 19, 2026 (8:00 AM to 11:30 AM Frankfurt time); settlement January 21, 2026.
Routine funding, limited market impact
This tender represents a standard, largely technical funding operation for the German federal government.
The issuance volume and instrument type suggest no significant market impact or shift in debt management strategy.
Its primary relevance lies in maintaining liquidity within the short-term government debt segment.
Source: Bundesobligationen – Tenderergebnis
IN: