German government bond yield, 21-year maturity
German government bond yield, 21-year maturity stood at 3.84% 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 Jan 2000 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 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 | |
| Residual maturity of 22.0 years, monthly data | 3.85 | 3.69 | 3.55 | 3.3 | 3.4 | 3.5 | 3.39 | 3.23 | 3.37 | 3.36 |
Understanding german government bond yield, 21-year maturity
Positioned firmly within the ultra-long segment of the federal term structure, this indicator isolates the borrowing cost projected over a 21-year period. By mathematically fitting a curve to the prices of existing federal debt, the methodology derives a clean, zero-coupon equivalent rate. This separates the metric from the messy reality of individual bond liquidity and varying coupon distributions. It provides a highly specific gauge of market expectations spanning a deeply extended timeframe, differing from adjacent maturities by capturing a slightly longer horizon of structural economic assumptions.
When analyzing this data, analysts generally focus on absolute changes from one month to the next rather than making year-on-year comparisons. The month-end snapshot nature of the data captures immediate pricing conditions at the close of the period, making high-frequency monitoring possible. Because financial market yields respond instantaneously to new information, they do not exhibit calendar-based seasonality. A common pitfall is treating this derived rate as a tradable asset price; it is strictly a theoretical construct used for valuation and discounting. Furthermore, structural shifts in the supply of long-dated sovereign debt can subtly influence the underlying bonds used in the model, indirectly affecting the resulting curve shape.
Frequently asked questions
- What is the primary use of the 21-year maturity calculation?
- It is widely utilized for discounting long-term liabilities, such as pension obligations, requiring a precise and theoretical risk-free rate.
- Does the government issue debt specifically matching this maturity?
- While individual securities may temporarily have this exact remaining life, the published rate is a mathematical estimate derived from a range of active bonds.
- Can I use year-on-year changes to predict future yields?
- Year-on-year comparisons describe past trajectory rather than forward momentum, so month-on-month analysis is generally more informative for current market pricing.