---
title: "Deutsche Bundesbank reopens five-year Federal notes series 194 Frankfurt am Main; €6 billion increase planned."
sdDatePublished: "2026-08-10T08:12:00Z"
source: "https://www.bundesbank.de/resource/blob/964636/8f2f731a13cf7419092e25ec664b898a/472B63F073F071307366337C94F8C870/2026-08-10-ausschreibung-download.pdf"
topics:
  - name: "bonds"
    identifier: "medtop:20000347"
  - name: "central bank"
    identifier: "medtop:20000350"
locations:
  - "Frankfurt am Main"
  - "Germany"
---


Deutsche Bundesbank reopens five-year Federal notes series 194 Frankfurt am Main; €6 billion increase planned.

Invitation to bid by auction – Reopening of five-year Federal notes (Bundesobligationen – “Bobls”) series 194

Deutsche Bundesbank, Communications Department
Wilhelm-Epstein-Strasse 14, 60431 Frankfurt am Main, Germany
presse@bundesbank.de, www.bundesbank.de
Reproduction permitted only if source is stated.

Press release

Frankfurt am Main
10 August 2026
Page 1 of 1

Invitation to bid by auction
Reopening of five-year Federal notes
(Bundesobligationen – “Bobls”) series 194

For the account of the Federal Government, the German Finance Agency through Deutsche
Bundesbank will reopen the

2.90 %
five-year Federal notes series 194 of 2026 (2031)

due on 8 October 2031

annual coupon date 8 October

interest has begun to accrue on 23 July 2026

ISIN DE000BU25075

on 11 August 2026, using an auction procedure. An increase of € 6 billion is envisaged for the issue
(auction allotment and retention quote). The current volume of the five-year Federal notes amounts
to € 6 billion.

Members of the Bund Issues Auction Group are entitled to bid. Bids must be for a par value of not
less than € 1 million or an integral multiple thereof. The price bids must be expressed in terms of
full 0.01 percentage points. Non-competitive bids are possible. The bids accepted by the issuer will
be allotted at the price specified in the bid. Non-competitive bids are filled at the weighted average
price of the competitive bids accepted. The right to scale down bids is reserved.

Time schedule of the auction procedure:

Bidding period:
Tuesday, 11 August 2026,

from 8.00 a.m. until 11.30 a.m. Frankfurt time
Inclusion in stock
exchange trading:
Tuesday, 11 August 2026
Value date:
Thursday, 13 August 2026
Settlement:
delivery versus payment-settlement in the night-time processing of
Clearstream Europe AG, beginning on the eve of the value date

In addition, the Auction rules, the Special terms and conditions of the Deutsche Bundesbank for
auctions of Federal securities using the Bund Bidding System (BBS) and the issuance terms and
conditions of the initial issuance shall apply.