Country jumbo

from Wikipedia, the free encyclopedia

As countries jumbos is called the common public land bonds of the federal states and city-states in Germany , which reach through a bundled bond volume orders of magnitude in the billion range, and thus an improved tradability achieve. The first joint loan of this type was issued by seven federal states in August 1996 and had a volume of four billion DM .

As collective bonds, country jumbos are a form of bonds. The syndicate banks usually commissioned with the issue usually act as market makers and take care of the subsequent exchange trading. Market maintenance exists when a credit or financial services institution undertakes to the issuer to quote pre-defined bid-ask spreads during fixed trading hours for all market participants at which it is willing to buy and sell securities. Due to their higher issuance volume (compared to individual issues of the federal states) and since several banks as designated sponsors usually undertake to maintain the market in the case of jumbo bonds , these bonds are particularly liquid and are therefore usually available in comparison to smaller-volume individual issues to trade more in line with market prices on the stock exchange.

Issuer

In the case of joint bonds, the following 7 out of 16 federal states make up the issuer:

Question of liability

The federal states involved share the obligations from debt servicing (interest and repayment payments), but only according to their respective quota of the total volume of the issue . This means that no federal state is liable for another state should it fail to meet its obligations. So-called joint and several liability is excluded for all joint bonds (including the currently controversial euro bonds ) according to Article 109 (3) of the Basic Law and was therefore never considered.

Credit rating

The rating agency Fitch has rated the bonds since the 11th country jumbo (currently 42nd issue, as of June 27, 2013). Since then, every single issue has received the top rating “AAA”, according to which investors only bear a very low risk of default on repayment and / or interest.

Current bonds

serial no. Due date coupon Volume in billions of euros WKN Brandenburg's share in € million Bremen's share in € million Hamburg's share in € million Mecklenburg-Western Pomerania's share in € million Rhineland-Palatinate ' share in € million Saarland's share in € million Schleswig-Holstein's share in € million Thuringia's share in € million
27 04/13/2017 4.25% 1.5 124.026 0 300 300 100 300 100 300 100
29 01/30/2015 4.125% 1.5 124.028 0 250 250 250 125 125 250 250
32 07.10.2019 3.5% 1.35 A1A6K2 135 270 270 270 0 135 270 0
33 03/18/2016 2.625% 1 A1DADL 0 0 0 250 250 250 250 0
34 06/02/2015 2% 1.25 A1ELUX 100 175 175 100 425 100 175 0
35 10/01/2015 1.875% 1 A1E8PP 100 100 150 150 200 100 200 0
36 02/09/2016 2.875% 1 A1HKE1 0 175 175 175 175 125 175 0
37 05/17/2016 3% 1.5 A1KQ5M 0 250 250 250 250 250 250 0
38 09/21/2018 2.375% 1.25 A1K01Z 0 200 200 200 200 150 200 100
39 01/26/2017 1.625% 1.5 A1MLSH 0 300 0 250 300 300 350 0
40 06/13/2022 1.75% 1.725 A1PGZ5 0 270.25 270.25 230 270.25 270.25 270.25 143.75
41 10/11/2019 1.375% 1.5 A1RE1H 0 255 255 225 255 255 255 0
42 01/31/2023 1.75% 1.2 A1R01Z 0 180 180 180 180 180 180 120
43 10/23/2023 2.25% 1 A1YCQ0 0 125 250 125 125 125 250 0
44 01/29/2021 1.5% 1 A1YC3L 0 175 175 125 175 175 175 0
45 05/14/2024 1.75% 1 A11QQ2 0 175 175 125 175 175 175 0
total 20.275 335 3200.25 3075.25 3005 3405.25 2815.25 3725.25 713.75

Alternatives

Due to the successful first issue of the Bund-Länder-Anleihe (also called Germany-Anleihe or Deutschlandbond ) on June 26, 2013 , further issues of this type are conceivable. These would compete with the country jumbos in terms of creating higher capital marketable bond volumes as well as exploiting synergy effects . The federal-state bond is a government bond with which the federal government and ten federal states jointly take out a loan on the capital market . The funds raised will benefit the issuers involved in accordance with previously agreed quotas. Accordingly, every issuer - similar to the principle of the country jumbos - is only partially and severally liable for repayment and interest on its own share.

Web links

Individual evidence

  1. ↑ Deutsche Sparkasse newspaper of August 13, 1996, country jumbo over four billion DM .
  2. ↑ Frankfurter Allgemeine No. 176 of July 31, 1996, Jumbo countries with a coupon of 6 percent , p. 17 .
  3. ↑ Retail model FWB ( Memento of the original from July 23, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Frankfurt Stock Exchange, last accessed: July 3, 2013 @1@ 2Template: Webachiv / IABot / xetra.com
  4. ↑ Trading Rules of the Stuttgart Stock Exchange Stuttgart Stock Exchange, last accessed: August 20, 2014
  5. ↑ a b Current bonds  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. State Ministry of Finance Rhineland-Palatinate , last accessed on June 16, 2013@1@ 2Template: Dead Link / www.fm.rlp.de  
  6. ↑ Country shares in the joint country issues (country jumbo) : ( Memento of the original from August 21, 2014 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. PDF file, Ministry of Finance Rhineland-Palatinate , last accessed: August 20, 2014 @1@ 2Template: Webachiv / IABot / www.fm.rlp.de