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Terms and conditions

Terms and conditions

The following Terms and conditions, Issuance conditions and Procedural rules for auctions are to be observed in connection with BBS; the relevant documents are available as Downloads:

Terms and conditions

The General Terms and Conditions of the Deutsche Bundesbank govern the fundamental legal relations between the Deutsche Bundesbank and the members of the Bund Issues Auction Group. They form the external framework for BBS.

The General Terms and Conditions for the Bundesbank ExtraNet set the framework for the use of the Bundesbank ExtraNet, which is used for access to BBS.

Issuance conditions

In the Issuance conditions for Federal bonds (Bunds), five-year Federal notes (Bobls), Federal Treasury notes (Schätze) and Federal Treasury discount paper (Bubills) as well as in the issuance conditions for inflation-linked Federal notes and inflation-linked bonds (Linker), the issuer sets out the fundamental characteristics for these Federal securities. The current terms of issues of the securities offered by way of an auction procedure as well as deviations from the terms of issuance are shown in the individual invitation to bid, which is published by the Deutsche Bundesbank through BBS, by press release and over the financial information services.

Procedural rules for auctions

The Procedural rules for auctions in the issuance of Federal bonds (Bunds), five-year Federal notes (Bobls), Federal Treasury notes (Schätze) and Federal Treasury discount paper (Bubills) contain essential regulations on the bidding process in BBS and specify the issuance conditions.

Special Terms and Conditions

The "Special Terms and Conditions of the Deutsche Bundesbank for Auctions of Federal Securities through the Bund Bidding System (BBS)" form an integral part of the procedural rules and govern the details of the bidding process in BBS.

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