Bunds vs US Treasuries
Redactie Financial World News · Educatieve uitleg · Hoe we rendementen bronnen
EUR versus USD duration. Policy, inflation and who holds the bonds differ more than the word ‘safe’.
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Bunds vs US Treasuries — the mechanics
A German insurer matching euro liabilities wants bunds, not Treasuries, unless it hedges dollars. A US pension is the mirror image. Yield tourists without a hedge are running a currency book.
EUR versus USD, ECB versus Fed, scarce AAA euro paper versus deep dollar Treasuries. The spread is a macro trade, not a default ranking of Germany versus the US.
A US pension in bunds takes euro FX. A German insurer in Treasuries takes dollar FX and often hedges it, paying the hedge.
Liquidity: on-the-run Treasuries win. Bunds win as euro collateral. Pick the currency of the liability.
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.
Belangrijkste punten
- EUR versus USD, ECB versus Fed, scarce AAA euro paper versus deep dollar Treasuries.
- 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
- Which has more liquidity?
- On-the-run Treasuries are the global giant. Bunds are the euro giant. Off-the-run lines in both markets are thinner.