Germany non-financial corporate debt securities outstanding
Germany non-financial corporate debt securities outstanding stood at 318.2 EUR billion in Q2 2026, according to Deutsche Bundesbank. It is one of the indicators in the Non-financial corporations' 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 Non-financial corporations' 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 | 318.2 | 301.1 | 304.8 | 304 | 308.5 | 292.2 | 259 | 259.1 | 254.7 | 247 | |
| Short-term debt securities | 6.3 | 5.4 | 3.3 | 4.8 | 6.9 | 5.5 | 4.9 | 7.4 | 8.7 | 5.6 | |
| Long-term debt securities | 311.9 | 295.8 | 301.5 | 299.2 | 301.7 | 286.7 | 254.1 | 251.7 | 246 | 241.4 |
Understanding germany non-financial corporate debt securities outstanding
Negotiable debt paper issued by resident non-financial enterprises comprises this balance-sheet category. The series encompasses short-term commercial paper, medium-term notes, and long-term debentures marketed to external investors. It excludes bilateral credit agreements, non-securitized intra-group advances, and operational trade credit. Unlike loan liabilities that rely on direct financial intermediary relationships, debt securities represent standardized instruments that trade across secondary capital markets. Furthermore, while loan balances reflect nominal contractual principals, debt securities are recorded at market values reflecting prevailing secondary pricing.
Secondary market interest rate fluctuations exert substantial influence over this series because outstanding bonds are marked to market. When benchmark yields rise or credit risk premiums widen, the recorded balance-sheet total falls even if no corporate paper has been redeemed. Quarter-on-quarter movements reflect seasonal corporate issuance calendars, with bond offerings clustering outside major holiday periods, which makes year-on-year comparisons far more reliable for structural analysis. Early figures undergo regular revisions as securities settlement databases incorporate late custodian updates. Analysts must avoid mistaking shifts in secondary market pricing for actual debt issuance or repayment activity.
Frequently asked questions
- How does this series differ from corporate loan liabilities?
- Debt securities are standardized, transferable instruments issued on capital markets, whereas loans are non-negotiable credit agreements concluded with specific lenders.
- Why do changes in market yields affect this outstanding balance?
- The accounting framework evaluates debt securities at prevailing market prices, so changes in benchmark interest rates shift the recorded balance regardless of net bond issuance.
- Does this measure include intra-group financing arrangements?
- It includes only intra-group debt that has been formalized into negotiable debt securities, excluding informal or non-securitized company loans.