A curva de referência do euro
Alemanha — Bund
German 10-year bund (Maastricht): 3.19% a August 2026 · ECB IRS long-term rate. Metodologia
A dívida federal alemã é emitida pela Finanzagentur como Schatz (cerca de dois anos), Bobl (cerca de cinco), Bund (dez e trinta) e linhas indexadas à inflação. O Bund a 10 anos é a referência sem risco da área do euro; os outros soberanos em euro negociam como spread relativamente a ele.
Houve rendimentos Bund negativos na década de 2010. O cupão não é o rendimento: um Bund comprado a 140 pode continuar a ser crédito «seguro» e um mau rendimento até à maturidade.
Mostramos a taxa longa alemã da ECB (mensal) e o spot AAA a 10 anos da ECB (diário) para ver o print nacional e a curva super-soberana.
- 1What Are German Bunds?Bunds are federal German government bonds and the euro area’s benchmark safe asset.
- 2How Do German Government Bonds Work?Issued by Finanzagentur, traded with high liquidity, paying euro coupons and par at maturity.
- 3German Bund Yields ExplainedThe bund curve is the euro risk-free reference. Spreads of OATs, BTPs and others are quoted versus bunds.
- 4Bunds vs US TreasuriesEUR versus USD duration. Policy, inflation and who holds the bonds differ more than the word ‘safe’.
- 5Bunds vs UK GiltsEuro core versus sterling sovereign. FX, BoE vs ECB, and UK pension demand for long gilts.
- 6What Are German Schatz Bonds?Schatz (Bundesschatzanweisungen) are short German government notes, typically around two years.
- 7What Are German Bobl Bonds?Bobls (Bundesobligationen) are medium-term German federal bonds, typically five years.
- 8How to Buy German Government BondsBanks, brokers and euro government-bond ETFs. Primary auctions are dealer-dominated; secondary access is straightforward for retail in the EU.
- 9German Government Bond Auctions ExplainedFinanzagentur runs a transparent calendar. Bunds can also be tapped via syndication for very long or linker lines.
- 10Are German Bunds Safe?Bunds are widely treated as the euro area’s premier credit. Price risk remains if yields rise.