La corba de referència de l'euro
Alemanya — Bund
German 10-year bund (Maastricht): 3.19% a August 2026 · ECB IRS long-term rate. Metodologia
El deute federal alemany l'emet Finanzagentur com a Schatz (uns dos anys), Bobl (uns cinc), Bund (deu i trenta) i línies indexades a la inflació. El Bund a 10 anys és la referència lliure de risc de la zona euro; la resta de sobirans en euro coticen com a diferencial respecte a ell.
Hi va haver rendibilitats Bund negatives a la dècada del 2010. El cupó no és la rendibilitat: un Bund comprat a 140 pot continuar sent crèdit «segur» i una mala rendibilitat al venciment.
Mostrem el tipus llarg alemany de l'ECB (mensual) i l'spot AAA a 10 anys de l'ECB (diari) per veure el print nacional i la corba super-sobirana.
- 1What Are German Bunds?Bunds are federal German government bonds and the euro area’s benchmark safe asset.
- 2How Do German Government Bonds Work?Issued by Finanzagentur, traded with high liquidity, paying euro coupons and par at maturity.
- 3German Bund Yields ExplainedThe bund curve is the euro risk-free reference. Spreads of OATs, BTPs and others are quoted versus bunds.
- 4Bunds vs US TreasuriesEUR versus USD duration. Policy, inflation and who holds the bonds differ more than the word ‘safe’.
- 5Bunds vs UK GiltsEuro core versus sterling sovereign. FX, BoE vs ECB, and UK pension demand for long gilts.
- 6What Are German Schatz Bonds?Schatz (Bundesschatzanweisungen) are short German government notes, typically around two years.
- 7What Are German Bobl Bonds?Bobls (Bundesobligationen) are medium-term German federal bonds, typically five years.
- 8How to Buy German Government BondsBanks, brokers and euro government-bond ETFs. Primary auctions are dealer-dominated; secondary access is straightforward for retail in the EU.
- 9German Government Bond Auctions ExplainedFinanzagentur runs a transparent calendar. Bunds can also be tapped via syndication for very long or linker lines.
- 10Are German Bunds Safe?Bunds are widely treated as the euro area’s premier credit. Price risk remains if yields rise.