The German Bundesbank published securities market statistics for November 2025 showing lower gross bond issuance month on month but a sharp rise in net domestic issuance, with domestic debt securities issued for a net EUR 44.5bn and total debt securities outstanding in the German market increasing by EUR 46.1bn once foreign securities are included. Public sector issuers accounted for most of the increase in capital market debt, raising net borrowing by EUR 33.7bn, driven mainly by ten-year federal bonds (EUR 7.7bn), zero-coupon Bubills (EUR 6.4bn) and two-year Treasury notes (EUR 5.2bn). Domestic credit institutions issued a net EUR 6.8bn, led by special-purpose credit institutions including public development banks (EUR 5.3bn), while corporate issuers increased capital market debt by EUR 4.0bn, largely via non-financial corporations issuing debt with maturities over one year. On the investor side, foreign investors were the dominant buyers of German bonds (net EUR 40.9bn), domestic banks added EUR 5.0bn while buying only foreign bonds, and the Bundesbank’s bond holdings fell by EUR 3.1bn mainly due to maturities from purchase programmes. In equities, domestic firms issued net EUR 0.9bn of new shares and foreign investors reduced their German equity exposure by EUR 3.2bn, while domestic banks were net buyers (EUR 2.6bn). Domestic investment funds saw inflows of EUR 10.5bn, concentrated in institutional Spezialfonds (EUR 8.1bn), with domestic nonbanks the main net purchasers of fund units (EUR 19.6bn) and foreign investors net sellers (EUR 5.7bn).

Original source View in tracker