The German Bundesbank published its July 2025 securities statistics, showing a high net increase in the outstanding amount of debt securities in Germany. After accounting for redemptions and issuers’ own-portfolio changes, the stock of domestic debt securities rose by EUR 73.5bn, while foreign debt securities traded in Germany saw net redemptions of EUR 7.8bn, lifting the combined outstanding amount of domestic and foreign bonds in Germany by EUR 65.7bn. Gross bond issuance totalled EUR 131.7bn, down from EUR 146.5bn in June. Domestic corporates issued bonds net of EUR 34.9bn, driven by non-financial corporations at EUR 35.0bn, while the public sector issued EUR 33.3bn net, mainly the federal government at EUR 31.5bn, including EUR 13.9bn of 10-year Bunds, EUR 7.1bn of five-year notes, EUR 3.5bn of two-year Treasury notes and EUR 3.1bn of 30-year bonds. Domestic credit institutions increased capital market debt by EUR 5.2bn, largely via securities issued by specialised credit institutions (EUR 4.9bn). On the investor side, domestic non-banks were the main net buyers (EUR 40.9bn), foreign investors bought EUR 35.8bn, domestic banks were net sellers (EUR 9.1bn), and the Bundesbank’s bond holdings fell by EUR 1.9bn, mainly due to maturing securities from purchase programmes. In equities, domestic firms issued EUR 4.4bn of new shares and the outstanding amount of foreign shares in Germany rose by EUR 6.2bn, with domestic banks and non-banks as net buyers (EUR 6.2bn and EUR 5.1bn) while foreign investors were net sellers (EUR 0.6bn). Domestic investment funds recorded net inflows of EUR 5.1bn, concentrated in Spezialfonds (EUR 3.4bn) and primarily into bond funds (EUR 3.2bn), while mixed securities and real estate funds saw net redemptions (EUR 1.7bn and EUR 0.7bn); foreign fund providers registered EUR 10.0bn of inflows in the German market.
German Bundesbank 2025-09-11
German Bundesbank reports outstanding debt securities in Germany rose by EUR 65.7bn in July 2025
The German Bundesbank's July 2025 securities statistics show a net increase of EUR 65.7bn in domestic and foreign debt securities in Germany, driven by domestic bond issuance and net redemptions of foreign debt securities. Domestic non-banks and foreign investors were the main net buyers, while domestic banks were net sellers. In equities, domestic firms issued EUR 4.4bn in new shares, with domestic banks and non-banks as net buyers, while foreign investors were net sellers.