German government bond yield, 20-year maturity
German government bond yield, 20-year maturity stood at 3.83% 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 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 | |
| Residual maturity of 21.0 years, monthly data | 3.84 | 3.68 | 3.54 | 3.29 | 3.38 | 3.49 | 3.38 | 3.21 | 3.35 | 3.34 |
Understanding german government bond yield, 20-year maturity
Anchoring a major psychological and institutional maturity bracket, this derived figure specifies the exact yield for sovereign debt carrying a 20.0-year residual lifespan. The valuation filters out the noise of illiquid securities, relying strictly on standard federal government fixed-income issuances to map the term structure. By landing precisely on the two-decade mark, this parameter acts as a critical reference for long-duration asset managers, separating itself from adjacent off-the-run maturities by reflecting the outsized liquidity and structural demand typically focused on round-year intervals. It strips away all credit risk premiums, representing the pure sovereign borrowing rate.
Evaluated purely as a snapshot at the close of the month, the measure is unadjusted for seasonality, as sovereign fixed-income markets price in fundamental macroeconomic expectations rather than cyclical calendar effects. When comparing this time series historically, sequential month-to-month changes offer the most accurate lens into evolving expectations for deep-future economic growth, whereas longer historical comparisons might be distorted by fundamentally different monetary regimes. It is vital not to conflate this zero-risk theoretical curve point with corporate yields of the same maturity. Furthermore, missing bonds in the underlying delivery basket occasionally force the estimation model to rely on securities slightly farther away on the curve, which can cause negligible revisions to earlier prints.
Frequently asked questions
- Why is the 20-year point often considered a key milestone on the yield curve?
- Institutional investors frequently structure their long-term liabilities around major multi-decade intervals, driving distinct supply and demand dynamics at this node.
- Can this figure be used as a proxy for long-term mortgage rates?
- While it sets a baseline risk-free rate, actual mortgage lending rates will include additional spreads for default risk and prepayment options.
- Is the underlying yield based on zero-coupon bonds?
- The estimation converts the yields of coupon-bearing federal bonds to determine a continuous theoretical structure.