The German Bundesbank published its September 2025 securities market statistics, showing higher gross issuance on the German bond market and an overall EUR 45.6bn increase in the outstanding volume of domestic and foreign debt securities placed in Germany. The release also reports net equity issuance by domestic firms and weaker inflows into domestic investment funds compared with the previous month. Gross bond issuance rose to EUR 139.3bn (EUR 110.9bn in August). After redemptions and issuers’ own portfolio changes, the outstanding volume of domestic debt securities increased by EUR 14.2bn (August: EUR 11.5bn), while foreign debt securities were placed net for EUR 31.4bn. The public sector accounted for EUR 13.3bn of net issuance (federal issuance concentrated in five-year notes and a range of maturities, partly offset by net redemptions of two-year treasury notes), and states and municipalities increased borrowing by EUR 2.9bn. Domestic enterprises increased capital market debt by EUR 2.0bn, while domestic credit institutions recorded net redemptions of EUR 1.1bn; Bundesbank holdings of bonds fell by EUR 8.0bn, mainly due to maturing securities from purchase programmes. On the equity market, domestic firms raised EUR 4.1bn through new shares, while foreign investors sold German equities net for EUR 3.2bn. Domestic investment funds recorded inflows of EUR 2.9bn (August: EUR 8.0bn), while foreign fund providers saw inflows of EUR 8.7bn in the German market.

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