Issuance in the German capital market in 2020 was characterised by increased financing needs as a result of the coronavirus pandemic. In that crisis year, residents issued bonds to the tune of €1.74 trillion – €452 billion more than in the previous year. This rise was visible across all sectors and was particularly significant in the case of “Bunds” issued by the Federal Government, which primarily covered its crisis-induced financing needs via the capital market.

Bond issuance at the start of the year was also lively. In the first few months of 2021, it was up from the level recorded over the same period in 2020, although that period had not yet been shaped by the pandemic.