Bundesbank tenders 10-year federal bond for €6 billion
The German Bundesbank, on behalf of the Federal Republic of Germany – Finance Agency, is tendering a 10-year federal bond with a 2.90 percent coupon. The targeted emission volume for the bond, maturing in February 2036, is €6 billion.
A €6 billion bond with 2.90 percent coupon
The Federal Republic of Germany – Finance Agency, acting through the German Bundesbank, is offering a 2.90 percent federal bond maturing on February 15, 2036.
The interest payment date is February 15 annually, with interest accruing from January 9, 2026.
The first interest payment is scheduled for February 15, 2027, covering 402 days.
The bond carries the ISIN DE000BU2Z064.
The targeted emission volume for this 10-year bond, including the market making quota, is €6 billion.
The bond also allows for stripping, enabling the separation of capital and individual interest claims.
Bidding rules and key dates
Bidding is open to members of the Federal Issues Bidding Group, with minimum bids of €1 million or multiples thereof.
Price bids must be in full 0.01 percentage points; bids without a price are allocated at the weighted average of accepted price bids.
The Bundesbank reserves the right to pro-rata allocation.
The bid submission deadline is Wednesday, January 7, 2026, from 8:00 AM to 11:30 AM Frankfurt time.
The bond's stock exchange introduction is also on January 7, 2026, with a value date of Friday, January 9, 2026.
Routine market operation
This tender represents a standard operational step in the federal government's funding strategy.
It provides market participants with a new benchmark security in the 10-year segment.
While routine, such issuances are crucial for maintaining liquidity and depth in the sovereign bond market.