The 12-Month Bubill Auction is the sale of German Treasury bills (Bubills) with a one-year maturity. These bills are zero-coupon instruments issued by the German Finance Agency to manage the federal government's short-term liquidity. As Germany is the Eurozone's largest economy, its debt auctions are seen as a benchmark for European credit quality and risk-free rates. The yield on these bills reflects the market's view on Eurozone inflation and European Central Bank interest rate paths over the coming year.
The auction is conducted by the Deutsche Finanzagentur using a competitive bidding process. Primary dealers submit bids for price and volume, and the agency determines the weighted average yield and the allocation percentage for successful bidders.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Aug 17, 2026 | 2.66 | — | — |
| Jul 13, 2026 | 2.57 | — | — |
| Jun 15, 2026 | 2.48 | — | — |
| May 11, 2026 | 2.48 | — | — |
| Apr 13, 2026 | 2.52 | — | — |
| Mar 16, 2026 | 2.27 | — | — |
| Feb 16, 2026 | 1.99 | — | — |
| Jan 12, 2026 | 2.00 | — | — |
| Dec 8, 2025 | 2.03 | — | — |
| Nov 17, 2025 | 1.94 | — | — |
| Oct 13, 2025 | 1.87 | — | — |
| Sep 15, 2025 | 1.94 | — | — |
| Aug 18, 2025 | 1.90 | — | — |
| Jul 14, 2025 | 1.80 | — | — |
| Jun 16, 2025 | 1.81 | — | — |
| May 12, 2025 | 1.87 | — | — |
| Apr 14, 2025 | 1.86 | — | — |
| Mar 17, 2025 | 2.13 | — | — |
| Feb 17, 2025 | 2.10 | — | — |
| Jan 13, 2025 | 2.40 | — | — |
| Nov 18, 2024 | 2.67 | — | — |
| Oct 14, 2024 | 2.57 | — | — |
| Sep 16, 2024 | 2.67 | — | — |
| Aug 19, 2024 | 2.83 | — | — |
| Jul 15, 2024 | 3.16 | — | — |
| Jun 17, 2024 | 3.19 | — | — |
| May 13, 2024 | 3.37 | — | — |
| Apr 29, 2024 | 3.45 | — | — |
| Apr 15, 2024 | 3.33 | — | — |
| Mar 25, 2024 | 3.39 | — | — |
| Mar 18, 2024 | 3.43 | — | — |
| Feb 19, 2024 | 3.36 | — | — |
| Jan 15, 2024 | 3.19 | — | — |
| Nov 20, 2023 | 3.56 | — | — |
| Oct 23, 2023 | 3.73 | — | — |
| Oct 16, 2023 | 3.69 | — | — |
| Sep 18, 2023 | 3.73 | — | — |
| Aug 21, 2023 | 3.61 | — | — |
| Jul 17, 2023 | 3.75 | — | — |
| Jun 19, 2023 | 3.52 | — | — |
| May 15, 2023 | 3.14 | — | — |
| Apr 17, 2023 | 2.92 | — | — |
| Mar 20, 2023 | 2.64 | — | — |
| Feb 20, 2023 | 3.12 | — | — |
| Jan 16, 2023 | 2.72 | — | — |
| Nov 21, 2022 | 2.26 | — | — |
| Oct 17, 2022 | 1.99 | — | — |
| Sep 19, 2022 | 1.58 | — | — |
| Aug 22, 2022 | 0.72 | — | — |
| Jul 18, 2022 | 0.52 | — | — |
