The German Bundesbank published its August 2025 securities issuance and holdings statistics, showing that the amount of debt securities outstanding in Germany increased by EUR 18.9bn. Gross bond issuance totalled EUR 109.6bn, down from EUR 132.4bn in the previous month, while the outstanding volume of domestic debt securities rose by EUR 9.6bn and foreign debt securities were placed in Germany on a net basis of EUR 9.3bn. By issuer, credit institutions recorded net issuance of EUR 14.9bn, driven mainly by bonds from specialised credit institutions (EUR 14.5bn), while net redemptions included mortgage Pfandbriefe (EUR -2.3bn). The public sector increased net borrowing by EUR 3.6bn, with the federal government issuing five-year bonds (EUR 5.7bn), two-year Treasury notes (EUR 4.7bn) and 30-year bonds (EUR 4.4bn), partly offset by net redemptions of ten-year bonds (EUR -20.4bn), and states and municipalities issuing EUR 2.5bn net. Domestic enterprises redeemed bonds on net by EUR 8.9bn, largely due to non-financial corporations (EUR -7.3bn). On the investor side, foreign investors were the main net buyers of domestic debt securities (EUR 23.3bn), domestic non-banks added EUR 10.2bn, and the Bundesbank’s bond holdings fell by EUR 14.6bn, mainly reflecting maturing assets from the Eurosystem purchase programmes. In equities, new share issuance amounted to EUR 0.6bn and the outstanding volume of foreign shares in Germany increased by EUR 5.6bn; domestic banks (EUR 4.1bn) and domestic non-banks (EUR 2.7bn) were net buyers, while foreign investors were net sellers (EUR -0.6bn). Domestic investment funds saw net inflows of EUR 8.0bn (from EUR 4.9bn in July), concentrated in special funds (EUR 5.4bn) and led by equity funds (EUR 3.6bn) and mixed securities funds (EUR 2.5bn); foreign fund companies active in the German market recorded net inflows of EUR 9.2bn, with domestic non-banks the main net purchasers of fund units (EUR 15.9bn).

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