Government bond auction · Germany
Germany 11-Month Bubill Auction
The Germany 11-Month Bubill Auction is a sale of new government debt by Germany's treasury or debt agency to investors.
- Importance
- Low
- Released
- Monthly
- Next release
- Currency
- EUR · euro
- Central bank
- The European Central Bank (with the Bundesbank)
Latest figures
The latest release, published on 19 October 2026, came in at 2.945%, down from 2.981% the time before.
Over the last 9 releases it ranged from 1.994% to 2.981%, averaging 2.541%.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 19 Oct 2026 | – | 2.945% | – | 2.981% |
| 21 Sep 2026 | – | 2.981% | – | 2.647% |
| 24 Aug 2026 | – | 2.647% | – | 2.622% |
| 20 Jul 2026 | – | 2.622% | – | 2.563% |
| 8 Jun 2026 | – | 2.563% | – | 2.517% |
| 18 May 2026 | – | 2.517% | – | 2.325% |
| 20 Apr 2026 | – | 2.325% | – | 2.279% |
| 9 Mar 2026 | – | 2.279% | – | – |
| 19 Jan 2026 | – | 1.994% | – | – |
Why it matters
Auctions show the demand for a country's debt. A weak auction (low cover ratio, a yield above where the bond traded before the sale, the "tail") can push yields up across the market; a strong one calms them. In times of fiscal stress auctions get close attention.
How it is calculated
Bidders submit the yield (or price) at which they will buy; the debt office allocates from the lowest yield up until the amount is sold. The release reports the average or highest yield and the bid-to-cover ratio.
Bid-to-cover = amount bid ÷ amount soldWhat changes mean
- Bid-to-cover above its recent average and no tail: solid demand.
- Index-linked and green bonds are smaller auctions with their own investor base.
A short history
Most governments moved from fixed-price syndicates to regular auctions in the 1970s–1990s; the US Treasury has auctioned bills since 1929.
Questions
What is the Germany 11-Month Bubill Auction?
The Germany 11-Month Bubill Auction is a sale of new government debt by Germany's treasury or debt agency to investors.
What was the latest Germany 11-Month Bubill Auction?
2.945%, published on 19 October 2026.
When is the next Germany 11-Month Bubill Auction?
On Monday 9 November 2026.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.