German debt securities record high net sales in January 2026
The Bundesbank reported high net sales of German debt securities totaling €78.5 billion in January 2026. This represents a significant increase compared to the previous month and the same period last year.
Strong demand for German debt
Net sales of German debt securities reached €78.5 billion in January 2026, marking a substantial rise from €33.9 billion in December 2025 and €53.1 billion in January 2025.
Domestic debt securities accounted for €49.5 billion of this total, with federal government bonds contributing €26.0 billion.
Within federal bonds, 2-year federal treasury notes saw net sales of €7.7 billion, while 5-year federal bonds recorded €2.7 billion and 10-year federal bonds €3.9 billion.
Foreign investors were significant purchasers, acquiring €55.0 billion worth of securities in January 2026, highlighting sustained international interest in German government debt.
This strong performance underscores Germany's position as a stable issuer in the international capital markets, attracting both domestic and international capital flows.
Varied trends in other asset classes
While debt securities dominated, other asset classes showed mixed trends.
Net sales of shares totaled €19.3 billion in January 2026, with foreign shares (€14.8 billion) significantly outweighing domestic shares (€4.5 billion).
However, foreign investors recorded a net disposal of shares amounting to €0.3 billion, indicating a shift in their equity holdings.
Investment fund units saw net sales of €20.0 billion, comprising €8.2 billion in domestic funds and €11.8 billion in foreign funds.
In contrast to debt securities, the acquisition of investment fund units by foreigners was modest at €0.5 billion, suggesting a more cautious approach to these instruments.
Persistent flight to quality
The robust demand for German debt securities in January 2026 reflects a persistent investor preference for safe-haven assets amidst ongoing global economic uncertainties.
This trend highlights Germany's continued role as a reliable issuer, attracting capital flows that prioritize stability over higher-risk returns.
The figures suggest a cautious market sentiment, favoring sovereign debt as a bedrock for portfolios.