Germany Lifts Sovereign Issuance Above €500 Billion in 2026
18 December 2025
By Marta Vilar – MADRID (Econostream) - Germany is set to scale up its sovereign debt issuance next year, with the Federal Republic now planning to refinance and borrow a total of about €512 billion through auctions of federal securities in 2026 plus three conventional syndications, according to the latest issuance outlook, published by the German Finance Agency on Thursday.
The planned issuance volume — which includes conventional and green bonds as well as money market instruments — marks a notable increase from this year’s estimated €425 billion and comfortably surpasses the half-trillion threshold.
It also aligns with what Tammo Diemer, member of the Executive Board of the German Finance Agency told Econostream in an interview published on 24 November.
Under the new issuance calendar, the federal government intends to raise roughly €318 billion on the capital markets via conventional securities and an additional €176 billion through money market instruments.
Green federal securities are set to account for another €16-19 billion, including a green syndicated issuance under an updated framework scheduled for publication early next year.
In a first for the German sovereign, the 2026 program will feature a 20-year Bund issuance, reflecting strong investor appetite for longer maturities amid evolving portfolio strategies.
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