Government bond auction · Germany
Germany 9-Month Bubill Auction
The Germany 9-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 2 November 2026, came in at 2.908%, up from 2.872% the time before.
Over the last 12 releases it ranged from 1.899% to 2.908%, averaging 2.312%; it has been rising for three releases in a row.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 2 Nov 2026 | – | 2.908% | – | 2.872% |
| 7 Sep 2026 | – | 2.724% | – | 2.562% |
| 10 Aug 2026 | – | 2.562% | – | 2.409% |
| 6 Jul 2026 | – | 2.409% | – | 2.426% |
| 1 Jun 2026 | – | 2.426% | – | 2.488% |
| 4 May 2026 | – | 2.488% | – | 2.481% |
| 30 Mar 2026 | – | 2.481% | – | 1.987% |
| 2 Feb 2026 | – | 1.987% | – | 2.005% |
| 5 Jan 2026 | – | 2.005% | – | 1.983% |
| 10 Nov 2025 | – | 1.9430% | – | 1.8989% |
| 20 Oct 2025 | – | 1.8989% | – | 1.9539% |
| 25 Aug 2025 | – | 1.9131% | – | 1.8059% |
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 9-Month Bubill Auction?
The Germany 9-Month Bubill Auction is a sale of new government debt by Germany's treasury or debt agency to investors.
What was the latest Germany 9-Month Bubill Auction?
2.908%, published on 2 November 2026.
When is the next Germany 9-Month Bubill Auction?
On Monday 23 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.