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Eurex Bonds

Eurex Bonds

German Government Bonds

Debt securities issued by the Federal Republic of Germany (Bund, Bobl and Schatz issues) with a minimum issuing volume of EUR 4 billion.

Treasury Discount Paper (Bubills)

Treasury discount paper (Bubills) issued by the Federal Republic of Germany with a minimum issuing volume of EUR 4 billion.

Basis Instruments

The basis represents a combination of securities and futures contracts that has its own price. Tradable on Eurex Bonds are basis instruments related to all debt securities of the Federal Republic of Germany, which are eligible for delivery into Eurex Fixed Income Futures plus selected, non-deliverable debt securities.

European Government Bonds

European government bonds with a minimum issuing volume of EUR 1 billion.

State Bonds and “Slimbos”

German federal state bonds with a minimum issuing volume of EUR 1 billion. "Slimbos" with a minimum issuing volume of EUR 0.5 billion.

For these bonds a minimum rating of AA- from Standard & Poor's Ratings Services or Aa3 from Moody's Investor Services, Inc. is required.

Agencies

Bonds of supranational institutions and bonds of state agencies with a minimum issuing volume of EUR 1 billion.

For these bonds a minimum rating of AA- from Standard & Poor's Ratings Services or Aa3 from Moody's Investor Services, Inc. is required.

European Covered Bonds

European covered bonds with a minimum issuing volume of EUR 1 billion.

For these bonds a minimum rating of AA- from Standard & Poor's Ratings Services or Aa3 from Moody's Investor Services, Inc. is required.

Corporate Bonds and Financials

Selected corporate bonds and financials with a minimum issuing volume of EUR 1 billion and an "Investment grade" rating.

European Inflation Linked Bonds

European inflation linked bonds issued by the Federal Republic of Germany, France, Italy and Greece with a minimum issuing volume of EUR 2 billion.

Spread Products

Spread products represent a combination of two bond trades. They are defined by the yield spread between the two bonds or the spread between the yield of one bond on one side and another benchmark like "LIBOR" or "EURIBOR" on the other side. Tradable on Eurex Bonds are break-even products which are the combination of an inflation-linked bond and a nominal bond based on the break-even price.

Contract Sizes

Contract

Central order book, Minimum

Pre-arranged trade facility, Minimum

German Government Bonds

EUR 1 million

EUR 1 million

Treasury Discount Paper (Bubills)

EUR 1 million

EUR 1 million

Basis Instruments

EUR 5 million

EUR 1 million

European Government Bonds

EUR 1 million

EUR 1 million

State Bonds

EUR 1 million

EUR 1 million

"Slimbos"

EUR 0.5 million

EUR 0.5 million

Agencies

EUR 1 million

EUR 1 million

European Covered Bonds

EUR 1 million

EUR 1 million

Corporate Bonds and Financials

EUR 0.5 million

EUR 0.5 million

European Inflation Linked Bonds

EUR 1 million

EUR 1 million

Break-Even Instruments

EUR 5 million

EUR 5 million

Price Quotation

Prices for all products except of treasury discount papers are expressed as a percentage of their nominal value. Treasury discount papers are quoted on a yield basis. The tick sizes for all products are quoted with three decimal places.

Delivery Days

Contract

Central order book

Pre-arranged trade facility

Standard*

t+3

selectable between t+1 and t+89

Treasury Discount Paper (Bubills)

t+2

selectable between t+1 and t+89

Basis Instruments

t+3

selectable between t+2 and t+4

* French Government Bonds partly apply to deviating standards

Trading Hours

Contract

Central order book

Pre-arranged trade facility

Standard

08:30–17:30 CET

07:25–19:00 CET

Basis Instruments

08:30–17:30 CET

08:20–19:00 CET

The most liquid market for European bonds on an electronic trading platform.