The German Bundesbank published securities market statistics for April 2025 showing net redemptions in the German bond market. Gross bond issuance totalled EUR 115.9bn (down from EUR 137.9bn in March) and, after redemptions and issuers’ own-portfolio changes, the outstanding amount of domestic debt securities fell by EUR 16.6bn; foreign debt securities placed in Germany amounted to EUR 10.9bn, leaving total debt securities outstanding in Germany down EUR 5.7bn. Domestic credit institutions reduced their capital market debt by EUR 17.2bn net, driven mainly by specialised credit institutions (EUR 13.6bn), while other bank bonds declined by EUR 5.3bn; by contrast, mortgage Pfandbriefe and public-sector Pfandbriefe recorded net issuance of EUR 1.3bn and EUR 1.0bn. The public sector cut capital market debt by EUR 6.1bn net, with the federal government redeeming five-year notes (EUR 16.9bn) and Bubills (EUR 5.3bn) while issuing ten-year bonds (EUR 9.5bn) and two-year notes (EUR 8.4bn); Länder and municipalities reduced debt by EUR 2.0bn net. Domestic corporates issued EUR 4.1bn net, mainly non-financial corporates (EUR 3.9bn). On the investor side, domestic banks were net buyers of bonds (EUR 12.5bn), domestic non-banks increased holdings by EUR 4.1bn (with a focus on foreign securities), and non-resident investors sold German bonds by EUR 5.5bn net; the Bundesbank’s bond portfolio fell by EUR 16.8bn due to maturing securities from Eurosystem purchase programmes. The release also reported that domestic firms raised EUR 0.2bn net in the equity market, while domestic investment funds saw inflows of EUR 4.2bn (including EUR 4.5bn into special funds).

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