German government bond yield, 23-year maturity
German government bond yield, 23-year maturity stood at 3.86% 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 23.0 years, monthly data | 3.86 | 3.71 | 3.56 | 3.32 | 3.41 | 3.51 | 3.4 | 3.25 | 3.39 | 3.37 | |
| Residual maturity of 24.0 years, monthly data | 3.87 | 3.72 | 3.58 | 3.33 | 3.43 | 3.53 | 3.41 | 3.26 | 3.4 | 3.38 |
Understanding german government bond yield, 23-year maturity
Occupying a deep position in the sovereign term structure, this specific valuation extracts the theoretical zero-coupon return for the 23-year horizon. The metric is synthesized from the broader pool of active federal securities, smoothing out market noise to present an idealized cost of borrowing. It differs from both shorter tenors and the absolute longest ends of the curve by representing an intermediate stage in ultra-long portfolio matching. This mathematical derivation ensures that the isolated yield reflects purely time-value and credit-risk expectations, free from the mechanical price impacts of periodic coupon payments.
Interpreting this month-end estimate involves comparing it with shorter-dated points to map the overall slope of the long curve. Period-on-period differences provide the most accurate read on shifting market sentiment, as fixed-income dynamics change rapidly in response to macroeconomic news. Analysts never apply seasonal adjustments to these figures, given that bond prices react to fundamental economic variables rather than calendar cycles. Those utilizing this series should recognize that the underlying model depends on the availability of sufficiently long-dated bonds to anchor the curve. Comparing this theoretical yield against standard interest rate swaps requires adjusting for inherent credit and liquidity premiums embedded in the swap market.
Frequently asked questions
- How does the zero-coupon nature of this estimate affect its level?
- Stripping out coupons mathematically usually results in a slightly different yield compared to a standard bond, reflecting pure compounding over the horizon.
- Are month-end yields an average of the entire month?
- No, these particular figures represent a snapshot of the market pricing exactly at the close of the final trading day of the period.
- Why track the 23-year point specifically?
- It offers granular detail for actuaries and risk managers who need precise discount rates that match the exact duration of their long-term liabilities.