The euro benchmark curve
Germany — Bunds
German 10-year bund (Maastricht): 3.19% as of August 2026 · ECB IRS long-term rate. Methodology
German federal debt is issued by Finanzagentur as Schatz (about two years), Bobl (about five), Bund (ten and thirty) and inflation-linked lines. The 10-year bund is the euro area’s risk-free reference; other euro sovereigns trade as a spread to it.
Negative bund yields occurred in the 2010s. Coupon is not yield: a bund bought at 140 can still be ‘safe’ credit and a poor hold-to-maturity return.
We show the ECB long-term German rate (monthly) and the ECB AAA 10-year spot (daily) so you can see both the national print and the super-sovereign curve.
- 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.