German bond market sees low net issuance in April
The Bundesbank reported low net issuance on the German bond market in April 2026, with total net issuance of debt securities amounting to €14.0 billion. This follows a cumulative net issuance of €126.5 billion for the first four months of the year.
Public sector sees significant outflows
In April 2026, the German bond market recorded a net issuance of €14.0 billion across all debt securities.
Domestic debt securities contributed €3.7 billion to this total, while foreign debt securities added €10.3 billion.
A notable development was the significant net redemption of public sector debt securities, which saw a negative net issuance of €21.9 billion.
This was primarily driven by the federal government, with net redemptions of €19.7 billion.
In contrast, banks' debt securities showed a positive net issuance of €18.3 billion, and corporate debt securities added €7.3 billion.
For the period from January to April 2026, total net issuance of debt securities reached €126.5 billion, indicating a stronger start to the year compared to the single-month figure for April.
Foreign investors step up acquisitions
On the acquisition side in April 2026, total purchases matched issuance at €14.0 billion.
Domestic investors were net sellers, divesting €7.2 billion in securities, largely due to the German Bundesbank's net sales of €26.5 billion.
Conversely, foreign investors emerged as significant net buyers, acquiring €21.2 billion in securities.
Beyond debt, the German market also saw net issuance of equities totaling €7.3 billion in April, with foreign investors acquiring €4.5 billion.
Investment funds recorded a net issuance of €15.7 billion, predominantly driven by foreign acquisitions of €14.3 billion, underscoring robust international interest.