German government bond yield, 19-year maturity
German government bond yield, 19-year maturity stood at 3.82% in Sep 2026, according to Deutsche Bundesbank. It is one of the indicators in the Interest rates (monthly) table (Value · Monthly), with a complete series running from Jun 1986 to Sep 2026. The complete series with an interactive chart, free to download.
This indicator in the Interest rates (monthly) table
| Indicator | 09-2026 | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Government yield curve: month-end estimates | |||||||||||
| Residual maturity of 19.0 years, monthly data | 3.82 | 3.64 | 3.5 | 3.25 | 3.34 | 3.45 | 3.35 | 3.17 | 3.31 | 3.3 | |
| Residual maturity of 20.0 years, monthly data | 3.83 | 3.66 | 3.52 | 3.27 | 3.36 | 3.47 | 3.36 | 3.19 | 3.33 | 3.32 |
Understanding german government bond yield, 19-year maturity
Sitting near the boundary of the ultra-long bond classification, this data point extracts the theoretical interest rate for government borrowing over a 19-year horizon. The calculation models the term structure based on all eligible outstanding federal securities, producing a standardized measure stripped of varying coupon characteristics. This distinguishes the measure from actual market quotes, as it represents a continuous function rather than a discrete asset. It captures investor sentiment and long-horizon inflation expectations just before the curve enters its longest widely traded segment.
Market observers typically read this indicator by examining its spread against shorter durations to assess long-term economic confidence. As a month-end valuation, period-on-period tracking is the standard approach for identifying shifts in the term structure. Yields inherently lack seasonal patterns, meaning no mathematical smoothing for the time of year is necessary. Since this is an estimated point on a continuous curve, periodic revisions to the underlying estimation methodology can create slight discontinuities. Users must avoid conflating this zero-coupon calculation with the yield to maturity of a traditional coupon-bearing security expiring in a similar timeframe.
Frequently asked questions
- Why is a 19-year horizon modeled theoretically instead of using market rates?
- Theoretical modeling ensures a standardized, zero-coupon measure that eliminates the price distortions caused by the different coupon structures of actual bonds.
- Are these month-end estimates subject to frequent revisions?
- The data points are generally final upon release, though broad changes to the mathematical model for the overall term structure could introduce adjustments.
- What causes shifts in this specific maturity rate?
- Changes reflect broad shifts in long-term macroeconomic expectations, including perceived future inflation and growth prospects over the long-term future.