How Do German Government Bonds Work?
Von der Redaktion Financial World News · Pädagogische Erklärung · So beziehen wir Renditen
Issued by Finanzagentur, traded with high liquidity, paying euro coupons and par at maturity.
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How Do German Government Bonds Work — the mechanics
Germany funds itself with a regular calendar. Primary dealers bid; the secondary market is deep. Negative yields in the 2010s showed that ‘coupon’ and ‘return’ are not the same.
Fixed coupon, euro, redemption at par (linkers aside). Bunds typically pay annually. Accrued follows that annual rhythm.
Strips exist in the German market for some lines. Most private buyers never use them.
You can lose money in euros on a bund if you sell after yields rise. You do not lose the Bund’s credit ranking when that happens.
Official sources (Germany — Bunds)
Primary statistics and prospectuses for Germany — Bunds are published by the issuer, not by this newsroom. The labelled links at the end of this page go to those official sites (DMO, TreasuryDirect, Finanzagentur, MEF, AFT, SNB or ECB as relevant).
Our live board is a teaching overlay: dated prints, named sources, estimated ISIN lines. It is not a replacement for the issuer’s calendar.
Die wichtigsten Punkte
- Fixed coupon, euro, redemption at par (linkers aside).
- Prices and yields change. When this site quotes them, it dates them on the live board.
- Credit of a G7 government in its own currency is not the same as a stable screen price, and not the same as a bank deposit.
FAQ
- Can bund yields go negative again?
- They did for years. Whether they do again depends on ECB policy and safe-asset demand — not on a structural ban.