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Statistik › Intraday und Marktmikrostruktur › Bund futures

The four German bond futures are the same contract with four different notional coupons

SpecificationSchatzBoblBundBuxl
Contract value100,000 euro100,000 euro100,000 euro100,000 euro
Notional coupon6%6%6%4%
Deliverable remaining term1.75 to 2.25 years4.5 to 5.5 years8.5 to 10.5 years24 to 35 years
Original term cap on German debt11 years11 years11 yearsnone stated
Minimum price change0.005%, 5 euro0.01%, 10 euro0.01%, 10 euro0.02%, 20 euro
Last trading daytwo exchange days before delivery, closing 12:30the samethe samethe same
Delivery daytenth calendar day of the quarterly monththe samethe samethe same
Abwicklungphysical deliverythe samethe samethe same

From the exchange's own contract specification document listed 7 September 2026. Contract months are the next three of the March, June, September and December cycle. German deliverable debt requires a minimum issue volume of four billion euro. The clearing house sets the deliverable bonds and the conversion factors, published separately.

The Schatz, Bobl, Bund and Buxl all have a face value of 100,000 euro, deliver physically on the tenth of the quarterly month and stop trading at 12:30. Only the notional coupon and the deliverable maturity band differ.

100,000 euroContract value, all four
6 per centNotional coupon, the three shorter contracts
4 per centNotional coupon, the longest
4 bn euroMinimum issue size of a deliverable German bond

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