German outstanding public Pfandbrief yield, 2 to 3 years
German outstanding public Pfandbrief yield, 2 to 3 years stood at 3.56% on Oct 16, 2026, according to Deutsche Bundesbank. It is one of the indicators in the Bond yields and yield curves (daily) table (Value · Daily), with a complete series running from Jul 1, 1996 to Oct 16, 2026. The complete series with an interactive chart, free to download.
This indicator in the Bond yields and yield curves (daily) table
| Indicator | 16-10-2026 | 15-10-2026 | 14-10-2026 | 13-10-2026 | 12-10-2026 | 09-10-2026 | 08-10-2026 | 07-10-2026 | 06-10-2026 | 05-10-2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Yields on Public Pfandbriefe outstanding | |||||||||||
| Residual maturity of more than 2 but not more than 3 years | 3.56 | 3.54 | 3.58 | 3.58 | 3.57 | 3.55 | 3.59 | 3.59 | 3.57 | 3.59 | |
| Residual maturity of more than 3 but not more than 4 years | 3.57 | 3.54 | 3.59 | 3.58 | 3.59 | 3.58 | 3.62 | 3.59 | 3.57 | 3.58 |
Understanding german outstanding public Pfandbrief yield, 2 to 3 years
Secondary market yields for public sector covered bonds with a remaining lifespan of twenty-four to thirty-six months. This metric captures the funding environment for intermediate-short municipal and regional debt. The bonds in this basket are strictly collateralized by public sector obligations, fully distinguishing them from real estate-backed alternatives or unsecured corporate bonds. Sitting just beyond the most immediate policy-sensitive zone, this tenor helps price short-term infrastructure or municipal loans that require funding stability over a three-year horizon without extending into long-term interest rate risk.
Evaluating this bracket means focusing on the relative cost of municipal funding versus federal funding. Daily prints are straightforward market quotes, completely free of seasonal adjustment. Discontinuities in the time series generally only happen if the underlying model for estimating the yield curve is updated. For an honest reading of market conditions, analysts track the difference between this yield and the three-year Bund. This spread cleanly extracts the risk premium applied to local government collateral. Comparing period-on-period levels can be misleading if the overall yield curve is shifting; tracking the spread ensures that the analysis remains focused purely on public sector credit conditions.
Frequently asked questions
- What is this specific tenor used for?
- It helps price intermediate-short funding for municipal infrastructure and regional public projects.
- Are corporate bonds included in this basket?
- No, the collateral is strictly limited to public sector obligations.
- Why track the spread over the equivalent Bund?
- It isolates the specific credit risk premium applied to local authorities compared to the federal government.