Treasury discount paper, non-interest-bearing bubills

Securities issued in Germany by the Federal Government with a maturity of six or twelve months. Like Treasury discount papers, they are discount securities; the interest rate is therefore equal to the difference between the nominal value and the purchase price. They are issued regularly at quarterly intervals – January, April, July, October – in a tender procedure via the Federal Issues Bidding Group. Their minimum denomination is EUR 0.5 million. Bubills are not listed on the stock exchange and are usually underwritten by institutional investors and foreign central banks. – See discount paper.

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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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