The outstanding volume of debt securities in Germany increased by €39.3 billion in June 2026. This follows a period of higher activity in May, when the German public sector issued €37.7 billion in bonds and credit institutions issued €6.4 billion.
Gross issuance in the German bond market stood at €133.5 billion in June 2026, which was slightly below the €134.5 billion recorded in the previous month. After accounting for redemptions and changes in issuers' own-holdings, the outstanding volume of domestic German bonds rose by €14.4 billion in June 2026.
Net value of foreign debt securities placed on the German market in June 2026
Public sector and government issuance
The German public sector increased its bond market liabilities by a net €8.8 billion in June 2026. This comes after the sector recorded net emissions of €37.7 billion in May 2026.
Germany's federal government issued €8.2 billion in ten-year bonds, €4.7 billion in five-year obligations, and €1.5 billion in 20-year bonds in June 2026. The federal government also saw net redemptions of two-year treasury notes totaling -€7.4 billion.
The German Länder and municipalities issued a net €1.8 billion in bonds in June 2026. Meanwhile, German credit institutions issued a net €3.5 billion in bonds, down from €6.4 billion in the previous month.
Special credit institutions in Germany, including public development banks, issued €8.6 billion in bonds in June 2026, with €4.0 billion coming from flexibly structured other bank bonds.
Corporate and institutional activity
Domestic German companies issued a net €2.1 billion in bonds in June 2026, compared to €4.2 billion in May.
German mortgage Pfandbriefe and public Pfandbriefe were both net redeemed in June 2026, by -€6.0 billion and -€3.1 billion respectively.
The Bundesbank reduced its bond holdings by a net €8.1 billion in June 2026, primarily due to maturing holdings from the Eurosystem's purchase programs.
Equity and investment funds
New shares worth €13.3 billion were issued on the German stock market in June 2026. During the same period, the outstanding volume of foreign shares in Germany fell by €4.4 billion.
Domestic German investment funds recorded net inflows of €2.9 billion in June 2026, a decrease from the €11.2 billion inflows seen in May 2026.
On the equity side, domestic German non-banks bought approximately €10.9 billion in dividend-yielding securities. Foreign investors bought domestic German equities for a net €0.4 billion, while domestic German credit institutions sold equities for a net €2.4 billion.
