The German Bundesbank published its monthly statistics on issuance and holdings of securities in Germany, showing a moderate net increase in debt securities outstanding in November 2024. Gross bond issuance fell to EUR 108.1 billion from EUR 121.1 billion the prior month, while net domestic debt securities issuance totalled EUR 13.3 billion and the outstanding volume of foreign debt securities in Germany rose by EUR 2.5 billion, lifting overall debt securities outstanding by EUR 15.9 billion. By issuer, general government increased capital market debt by EUR 18.9 billion, driven mainly by federal issuance of Bubills (EUR 6.9 billion), two-year Treasury notes (EUR 5.2 billion), Bundesobligationen (EUR 3.0 billion) and ten-year bonds (EUR 2.0 billion), partly offset by net redemptions of 30-year bonds (EUR -0.9 billion). Domestic corporates issued bonds net EUR 2.1 billion, largely from other financial institutions and to a lesser extent non-financial corporates, while domestic banks reduced capital market debt by EUR 7.6 billion, mainly through specialised credit institutions including public development banks (EUR -7.0 billion). On the investor side, foreign investors were the largest net buyers of German bonds (EUR 27.6 billion); domestic banks increased bond portfolios by EUR 7.3 billion but only through foreign debt securities; domestic non-banks sold EUR 17.3 billion net. The Bundesbank’s own bond holdings fell by EUR 1.7 billion, largely due to maturities from purchase programmes. In equities, domestic firms issued net EUR 0.9 billion of new shares (after EUR 6.2 billion in October), while the outstanding stock of foreign equities in the German market fell by EUR 3.9 billion; banks and foreign investors reduced equity portfolios by EUR 3.5 billion and EUR 0.8 billion, respectively, and domestic non-banks bought EUR 1.2 billion net. Domestic investment funds recorded net inflows of EUR 1.8 billion, consisting of inflows to special funds (EUR 3.6 billion) alongside outflows from bond funds (EUR -3.0 billion), while outstanding foreign fund units distributed in Germany increased by EUR 14.6 billion and were bought mainly by domestic non-banks (EUR 16.4 billion net).
German Bundesbank 2025-01-10
German Bundesbank reports EUR 13.3 billion net issuance on the German bond market in November 2024
The German Bundesbank's November 2024 statistics show a moderate net increase in debt securities, with gross bond issuance declining to EUR 108.1 billion. General government capital market debt rose by EUR 18.9 billion, while domestic banks reduced debt by EUR 7.6 billion. Foreign investors were the largest net buyers of German bonds, acquiring EUR 27.6 billion, and domestic investment funds saw net inflows of EUR 1.8 billion.