Invitation to bid by auction - Reopening of Federal Treasury notes

Press release

Frankfurt am Main 4 January 2021 Page 1 of 1

Invitation to bid by auction

Reopening of Federal Treasury notes

For the account of the Federal Government, the German Finance Agency, through Deutsche Bundesbank, will reopen once again the

0 % Federal Treasury notes of 2020 fourth issue (2022) due on 15 December 2022

ISIN DE0001104826

launched on 17 November 2020, using an auction procedure. An increase of € 6 billion is envisaged for the issue (including retention quote). The current volume amounts to € 8 billion.

Members of the Bund Issues Auction Group are entitled to bid. Bids must be for a par value of not less than € 1 million or an integral multiple thereof. The price bids must be expressed in terms of a full 0.005 percentage point. Non-competitive bids are possible. The bids accepted by the issuer will be allotted at the price specified in the bid. Non-competitive bids are filled at the weighted average price of the competitive bids accepted. The right to scale down bids is reserved.

Time schedule of the auction procedure:

Bidding period:	Tuesday, 5	January 2021, from 8.00 a.m. until 11.30 a.m. Frankfurt time
Inclusion in stock
exchange trading:	Tuesday, 5	January 2021
Value date:	Thursday, 7 January 2021
Settlement:	delivery versus payment-settlement in the night-time processing of
	Clearstream Banking AG Frankfurt, beginning on the eve of the value date

In addition, the Auction rules, the Special terms and conditions of the Deutsche Bundesbank for auctions of Federal securities using the Bund Bidding System (BBS) and the Issue terms for Federal securities shall apply.

Deutsche Bundesbank, Communications Department

Wilhelm-Epstein-Strasse 14, 60431 Frankfurt am Main, Germany, Tel: [phone] or 3512, Fax: [phone] [e-mail], www.bundesbank.de

Reproduction permitted only if source is stated.