The German Bundesbank published its monthly statistics on securities issuance and holdings in Germany, showing a sharp pickup in bond market activity in January 2026. Gross issuance on the German bond market reached EUR 156.2bn, and after allowing for higher redemptions and issuers’ own portfolio changes, the stock of domestic debt securities rose by EUR 49.5bn while foreign securities outstanding in Germany increased by EUR 29.0bn, lifting the combined total by EUR 78.5bn. Net issuance was led by the public sector (EUR 26.0bn), including EUR 14.8bn by the Federal Government, primarily via two-year Treasury notes (EUR 7.7bn) alongside ten-year bonds (EUR 3.9bn) and five-year notes (EUR 2.7bn), with states and municipalities issuing EUR 11.2bn. Domestic credit institutions issued EUR 17.4bn net, mainly other bank debt securities (EUR 6.5bn), mortgage Pfandbriefe (EUR 5.7bn) and debt of specialised credit institutions (EUR 4.8bn). Domestic enterprises increased capital market debt by EUR 6.2bn net, with other financial institutions and non-financial corporations issuing EUR 4.2bn and EUR 3.4bn respectively, while insurers redeemed EUR 1.4bn. On the investor side, non-residents were the main buyers of German debt securities (EUR 55.0bn net), domestic banks bought EUR 29.7bn net, domestic non-banks sold EUR 1.9bn net, and the Bundesbank’s bond holdings fell by EUR 4.1bn mainly due to maturing securities from the Eurosystem’s purchase programmes. The release also reported net equity issuance by domestic companies of EUR 4.5bn, net sales of foreign shares in Germany of EUR 14.8bn, and net inflows to domestic investment funds of EUR 8.1bn, concentrated in institutional special funds (EUR 5.3bn) and supported by placements of foreign fund units of EUR 11.8bn.

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