---
source: Deutsche Finanzagentur (German Finance Agency)
url: https://www.deutsche-finanzagentur.de/fileadmin/user_upload/Institutionelle-investoren/auktionen/emissionsergebnisse_aktuell_en.pdf
document_type: pdf
date_retrieved: 2026-04-13
parent_publication: Auction Results
indicators_covered: ["12-Month Bubill Auction", "52 Week Bill Yield"]
---

# Auction Results — 12-Month Bubill

**Source:** Deutsche Finanzagentur (Federal Republic of Germany - Finance Agency)  
**Release Date:** April 13, 2026  
**ISIN:** DE000BU0E402 (Bubill, 12 months, Maturity: 2027-04-14)

## Summary

The 12-month Bubill auction held on April 13, 2026 resulted in a **weighted average yield of 2.517%**. This compares to a previous yield of 2.27% on the prior auction, representing an increase of 24.7 basis points.

### Auction Details

| Field | Value |
|-------|-------|
| **ISIN** | DE000BU0E402 |
| **Instrument** | Bubill (Federal Discount Paper) |
| **Maturity** | 12 months (2027-04-14) |
| **Issuance Volume** | €3,000 million |
| **Process** | Multi-ISIN (M-A) |
| **Total Bids** | €5,537 million |
| **Competitive Bids** | €3,490 million |
| **Non-competitive Bids** | €2,047 million |
| **Allotted Volume** | €2,317 million |
| **Lowest Accepted Price** | 97.51819 |
| **Weighted Average Price** | 97.51819 |
| **Weighted Average Yield** | **2.517%** |
| **Retention Quote** | €683 million |
| **Bid-to-Cover Ratio** | 2.4 |

---

## Full Context Table (Excerpt)

From the complete auction results PDF, the relevant April 13 entries:

| No. | Date | ISIN | Bond | Maturity | Segment | Type | Issuance Volume (€ m) | Total Bids (€ m) | Competitive Bids (€ m) | Non-competitive Bids (€ m) | Allotted (€ m) | Avg Price | Avg Yield (%) | Retention (€ m) | Cover Ratio |
|-----|------|------|------|----------|---------|------|----------------------|------------------|------------------------|----------------------------|----------------|-----------|---------------|-----------------|-------------|
| 36 | 2026-04-13 | DE000BU0E345 | Bubill | 2026-10-14 | 12 M | M-A | 2,000 | 5,932 | 3,817 | 2,115 | 1,895.00 | 98.84565 | 2.310 | 105.00 | 3.1 |
| 36 | 2026-04-13 | **DE000BU0E402** | **Bubill** | **2027-04-14** | **12 M** | **M-A** | **3,000** | **5,537** | **3,490** | **2,047** | **2,317.00** | **97.51819** | **2.517** | **683.00** | **2.4** |

---

## Notes

- The "52 Week Bill Yield" indicator corresponds to the weighted average yield of the 12-month Bubill.
- The Deutsche Finanzagentur publishes a consolidated PDF `emissionsergebnisse_aktuell_en.pdf` updated with each auction cycle.
- Results are typically published shortly after the auction close (auctions run 08:00–11:30 Frankfurt time ≈ 06:00–09:30 UTC).
- The Bid-to-Cover Ratio of 2.4 indicates healthy demand relative to supply.
- Retention quote (€683m) represents the portion retained by the issuer.

---

*Document retrieved via direct curl from the Deutsche Finanzagentur website.*