Germany government liability flows: debt securities
Germany government liability flows: debt securities stood at 32.5 EUR billion in Q2 2026, according to Deutsche Bundesbank. It is one of the indicators in the General government financial accounts table (Value · Quarterly), with a complete series running from Q1 1999 to Q2 2026. The complete series with an interactive chart, free to download.
This indicator in the General government financial accounts table
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt securities2 | 32.5 | 56.6 | 22.4 | 44.9 | 19.6 | 12.1 | 15.8 | 20.3 | 0.5 | 14.9 | |
| Short-term debt securities | 1.7 | 4.8 | 9.1 | 6.8 | -11.3 | -19.2 | 3.5 | -7.5 | -14.6 | -13 | |
| Long-term debt securities | 30.9 | 51.8 | 13.2 | 38.2 | 30.9 | 31.3 | 12.3 | 27.9 | 15.1 | 27.9 |
Understanding germany government liability flows: debt securities
Total net financing raised through negotiable debt obligations issued across all maturities by general government entities is aggregated in this series. The flow records gross issuances minus redemptions across commercial paper, treasury bills, medium-term notes, and long-term sovereign and subnational bonds. It unites both short-term money market paper and multi-year bond issuance, providing the complete capital market borrowing measure for the public sector. Unlike loans, which consist of non-marketable bilateral agreements arranged directly with lenders, debt securities are standardized instruments traded on open financial exchanges. Cross-holdings between different tiers of government, such as bonds purchased by public social funds, are eliminated through sector consolidation.
Flow figures reflect transaction values, capturing cash received from new issues, cash disbursed on maturing bonds, and accrued interest, while excluding secondary market price swings and exchange rate fluctuations. This separates financial account transactions from balance sheet stocks, which record debt securities at prevailing market prices and incorporate valuation shifts. Issuance programs follow structured annual calendars with heavy clustering around specific redemption quarters, making sequential quarterly comparisons prone to timing distortions; annual or rolling four-quarter sums offer a sounder evaluation. Preliminary quarterly reports are revised as finalized audit data replace initial debt registry figures. Positive values represent net borrowing, whereas negative values reflect net debt redemptions.
Frequently asked questions
- Does this series measure gross bond sales or net borrowing?
- It measures net borrowing, calculating total proceeds from newly issued securities minus all principal disbursements made to redeem maturing paper.
- Why do transaction flows differ from changes in the market value of public debt securities?
- Transactions record actual issue and redemption cash flows plus accrued interest, leaving out price changes caused by fluctuating secondary market bond yields.
- How does this series relate to headline gross public debt?
- Financial accounts evaluate transactions at issue price and record balance sheets at market value, whereas headline treaty debt is assessed strictly at face value.