The Federal Republic of Germany Finance Agency GmbH offers standard and special securities to investors around the world. – The standard products denominated in EUR, which are generally issued via an auction procedure, include – Federal Treasury notes (Schätze; German federal treasury obligations) with a maturity of two years, – Federal notes (Bobls; German federal bonds) with a maturity of five years, – Federal bonds (Bunds; federal bonds) with a maturity of ten to thirty years, and – Non-interest-bearing Treasury notes (Bubills; German treasury discount papers), which are issued with a maturity of six or twelve months when newly issued. – At the end of each year, the Federal Government publishes an issuance calendar for the following year. In it, the issue dates and the issue amounts are announced. This pre-announcement is supplemented on a quarterly basis by a detailed issuance calendar with exact dates. To date, the Swiss government is the only issuer in the world to offer investors such detailed information. – Special products currently include – USD-denominated bonds and – inflation-indexed bonds. – German Government securities have the narrowest bid-ask spreads in Europe; hedging costs are minimal; liquidity, in the sense of being able to sell at any time, is high; market management by Bundesrepublik Deutschland Finanzagentur GmbH, even at the time of the financial crisis that followed the subprime crisis, is considered exemplary. – See issuance, continuous issue, Euromarket, European Debt Agency, jumbo bond, tap, sale, private treaty.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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