The German Bundesbank published its March 2025 statistics on securities issuance and acquisition in Germany, reporting gross bond issuance of EUR 135.1bn and net issuance of domestic debt securities of EUR 26.0bn. With the outstanding volume of foreign debt securities in the German market rising by EUR 19.9bn, total debt securities outstanding increased by EUR 45.9bn over the month. Domestic credit institutions accounted for EUR 14.8bn of net issuance, led by specialised credit institutions (EUR 11.6bn) and other bank bonds (EUR 4.5bn), while mortgage Pfandbriefe and public Pfandbriefe outstanding fell by EUR 0.7bn and EUR 0.5bn. General government issued EUR 7.9bn net, with the federal government increasing market debt by EUR 6.7bn through 30-year (EUR 8.4bn) and 10-year (EUR 7.4bn) bonds and five-year notes (EUR 6.3bn), partly offset by net redemptions of two-year Treasury notes (EUR -12.0bn) and zero-coupon Bubills (EUR -4.7bn), and Länder and municipalities adding EUR 1.2bn. Domestic corporates raised EUR 3.3bn net, largely driven by non-financial corporations issuing predominantly paper with maturities over one year. Foreign investors were the main net buyers of domestic bonds (EUR 23.1bn), while domestic non-banks added EUR 20.7bn mainly in domestic securities and domestic banks bought EUR 14.1bn mainly in foreign bonds, as the Bundesbank’s bond holdings fell by EUR 11.9bn mainly due to maturities from Eurosystem purchase programmes. On the equity market, domestic firms raised EUR 0.2bn and foreign investors were the only net buyers (EUR 1.1bn), while domestic banks and non-banks reduced their equity portfolios by EUR 5.8bn and EUR 0.6bn. Domestic investment funds recorded inflows of EUR 5.6bn, with retail funds placing EUR 3.8bn net, equity funds and funds of funds attracting EUR 3.5bn and EUR 1.0bn, and foreign fund units distributed in Germany increasing by EUR 6.8bn and mainly acquired by domestic non-banks (EUR 9.4bn).
German Bundesbank 2025-05-13
German Bundesbank reports EUR 45.9bn increase in debt securities outstanding in March driven by EUR 26.0bn net domestic issuance
The German Bundesbank's March 2025 statistics reveal gross bond issuance of EUR 135.1bn and a net increase in domestic debt securities of EUR 26.0bn. Foreign investors were the primary net buyers of domestic bonds, while domestic non-banks and banks focused on domestic and foreign securities, respectively. The equity market saw modest activity, with domestic firms raising EUR 0.2bn and foreign investors as the sole net buyers.