Aufsätze Ökonomik

Aufsätze Pädagogik

Aufsätze Sozialethik


Prof. Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.

Abhandlungen über Johann Heinrich Jung-Stilling

Nachtodliche Belehrungen zur Ökonomik

Nachtodliche Belehrungen zu Persönlichkeiten

Nachtodliche Belehrungen zur Philosophie

Nachtodliche Belehrungen zur Theologie

Nachtodliche Belehrungen zu verschiedenen Themen


German federal securities

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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