Obligation Bundesregierung 0.12112% ( DE0001030567 ) en EUR

Bundesregierung

100 % ⇌

Allemagne

DE0001030567 ( en EUR )

0.12112% par an ( paiement annuel )

15/04/2026

Prospectus brochure de l'obligation Central government: Federal Republic of Germany DE0001030567 en EUR 0.12112%, échéance 15/04/2026

1 EUR

16 800 000 000 EUR

15/04/2026 ( Dans 214 jours )

Le gouvernement fédéral allemand est une démocratie parlementaire dirigée par un chancelier, élu par le Bundestag (le parlement fédéral), et un président fédéral, principalement chargé de fonctions cérémonielles.

La République fédérale d'Allemagne, en tant qu'émetteur souverain de premier plan et pilier de la stabilité économique européenne et mondiale, propose une obligation de type dette gouvernementale identifiée par le code ISIN DE0001030567, libellée en Euro et émise depuis l'Allemagne, caractérisée par un taux d'intérêt nominal de 0,12112% versé annuellement, avec une date de maturité fixée au 15 avril 2026, actuellement négociée à 100% de sa valeur nominale sur le marché, et représentant une taille totale d'émission considérable de 16 800 000 000 EUR, avec une taille minimale d'achat fixée à 1 unité, offrant ainsi une liquidité significative et une accessibilité standardisée aux investisseurs.

This English language version of the issuance terms and conditions has been prepared for
convenience only. It does neither purport to serve as legal basis for an interpretation of the
issuance terms and conditions nor is it intended to create any rights against the German
Government or against the Federal Republic of Germany - Finance Agency and should
therefore not be relied upon for the purposes of an investment in German Government
securities. The German language version of the issuance terms and conditions is the only
legally binding version. If in doubt, investors in German Government securities should
consult with their advisors to determine the consequences of an investment in German
Government securities.

Federal Ministry of Finance
Non-binding English translation of the
issuance terms and conditions for
inflation-linked Federal bonds and inflation-linked Federal notes
of December 21,2012

The issuance terms and conditions for inflation-linked Federal bonds and inflation-linked
Federal notes as amended in the publication of 24 October 2012 (Federal Gazette AT
31.10.2012 B4) are amended as follows as of 1 January 2013:
Issuance terms and conditions for
inflation-linked Federal bonds and inflation-linked Federal notes
The Federal Republic of Germany (hereinafter referred to as the "German Government")
issues inflation-linked Federal bonds and inflation-linked Federal notes (hereinafter referred
to as "German Government securities") subject to the following terms; for Federal bonds,
Federal notes, Federal Treasury notes and Treasury discount paper, specific issuance terms
and conditions are in place.
§°1
General Provisions
(1) Placing
The German Government securities will be issued by auction through the Auction Group
Bund Issues (Bietergruppe Bundesemissionen). Such auctions are governed by the "Auction
rules for the issue of Federal Bonds, five-year Federal notes, Federal Treasury notes and
Treasury discount paper". The terms and conditions of the individual issues and any
deviations from the said terms and conditions are as stated in the relevant invitation to bid
announced by Deutsche Bundesbank by press release.
(2) Aggregate Principal Amount and Denomination
The aggregate principal amount of an issue is fixed in each case by the German Government
at the end of the auction process and is divided into securities in the denomination of Euro
0.01 each. The German Government reserves the right to further increase the aggregate
principal amount by further issuances during the term of the German Government securities.
(3) Form and Custody

The German Government securities will be constituted by entry of a collective debt register
claim into the Federal Debt Register (Bundesschuldbuch) in the name of Clearstream
Banking AG, Frankfurt am Main ("CBF"), acting as fiduciary for the holders of the German
Government securities (together the "Holders" and each of them the "Holder"). Such
collective debt register claim will be administered by CBF for financial institutions that are
account holders with CBF ("CBF account holders"). The creation of an individual debt
register claim is excluded by the Issuance terms and conditions.
No certificates will be issued throughout the time up to maturity.
(4) Business Day.
For the purpose of these terms and conditions, "Business Day" means any day (other than a
Saturday or a Sunday) on which the Trans-European Automated Real-time Gross Settlement
Express Transfer System (TARGET 2) and CBF are operational.
§°2
Interest
(1) Interest
For German Government securities interest is paid annually on the aggregate principal
amount from (and including) the date announced in the relevant invitation to bid ("Interest
Commencement Date"). Payment of interest ends at the end of the day prior to the date of
maturity.
(2) Due Date
Interest shall be payable annually in arrears on the relevant interest date. The interest date
and the date of the first or next interest payment shall be as announced in the relevant
invitation to bid (each an "Interest Payment Date").
(3) Interest Amount
On the fifth Business Day prior to the relevant Interest Payment Date (the "Calculation Date")
the Calculation Agent (as defined below) will calculate the applicable index-linked rate of
interest (the "Index-linked Interest Rate") and the applicable amount of interest payable on
the Securities (the "Interest Amount"). The Index-linked Interest Rate is calculated by
multiplication of the rate of interest as announced in the relevant invitation to bid with the
indexation coefficient to be calculated in relation to the relevant Interest Payment Date. The
Interest Amount is determined by multiplication of the nominal amount of interest with the
indexation coefficient to be determined for the relevant Interest Payment Date. The nominal
amount of interest is calculated by multiplication of the aggregate principal amount of the
German Government securities with the rate of interest as announced in the relevant
invitation to bid.

"Indexation CoefficientInterest Payment Date" means, in relation to each Interest Payment Date:

Value of the Reference Index on the Interest Payment Datet
Base Index

The "Value of the Reference Index on the Interest Payment Date" shall be calculated, in
relation to each Interest Payment Date, by linear interpolation in accordance with the
following formula:

where HICP:
means the non-revised Harmonised Index of Consumer Prices (HICP) in the Euro Zone all
items excluding tobacco calculated monthly by the Statistical Office of the European
Communities
("EUROSTAT")
and
published
on
the
internet
page
http://epp.eurostat.ec.europa.eu or its successor page (the "Reference Index").
HICPM-3:
means, in relation to each Interest Payment Date, the value of the Reference Index of the
third month preceding the month in which the Interest Payment Date falls.
HICPM-2:
means, in relation to each Interest Payment Date, the value of the Reference Index of the
second month preceding the month in which the Interest Payment Date falls.

means the actual number of days of the month in which the Interest Payment Date falls from
the first day of the month to the Interest Payment Date (inclusive in each case).
DM:
means the actual number of days of the month in which the Interest Payment Date falls.
The "Base Index" is as announced in the relevant invitation to bid.
The value of the Reference Index on the Interest Payment Datet and the Indexation
Coefficient will be, if so required, truncated to the sixth decimal place and then rounded to
the nearest fifth decimal place.
If on any Calculation Date the value of the Reference Index was published on a provisional
basis only, the Interest Amount and the Index-linked Interest Rate shall be calculated on the
basis of such provisional value of the Reference Index, and no adjustment of such Interest
Amount and the Index-linked Interest Rate shall be made upon publication of the definitive
value of the Reference Index.
Any revision of, or amendment to, the Reference Index after its initial publication shall not
prejudice the determination of the respective Interest Amount payable, except in the case of
a revision of the Index Reference Period, meaning the period for which the Reference Index
is set at 100 ("Base Year Revision"). In such case, the Interest Amount shall be determined
on the basis of the reference index as so revised, and the Calculation Agent shall make all
adjustments which in its opinion are suitable to ensure that the Indexation Coefficient after
such Base Year Revision corresponds to that prevailing before the Base Year Revision. Any
Base Year Revision shall have no effect on any Interest Amounts which have previously
been payable.
If at any time the Reference Index is corrected after its publication due to an obvious error,
the Calculation Agent shall apply the Reference Index as so corrected in the determination of
the Interest Amount. Any such correction shall have no effect on any Interest Amounts which
have previously been payable.

(4) Substitute Reference Index
If neither a provisional nor a definitive value of the Reference Index can be determined on
any Calculation Date and if no substitute index pursuant to subsection (5) has been
determined, the Calculation Agent will calculate a "Substitute Reference Index" (eHICPp) in
accordance with the following formula:

where P:
means the month for which the value of the Reference Index cannot be determined.
HICPP-1:
means the value of the Reference Index of the last preceding month during which the
Reference Index was published by EUROSTAT.
HICPP-13:
means the value of the Reference Index of the thirteenth preceding month during which the
Reference Index was published by EUROSTAT.
Upon publication of a provisional or definitive value of the Reference Index, such value shall
apply as from the date following such publication, and the Substitute Reference Index shall
from then on cease to apply.
Following the determination of a Substitute Reference Index all references to the Reference
Index shall be taken as references to the Substitute Reference Index.
(5) Substitute Index
"Substitute Index" means an index which is calculated in accordance with the following
provisions:
a) Successor Index.
If on any Calculation Date the Reference Index (i) is no longer calculated and
published by EUROSTAT but calculated by a successor body acceptable to the
Calculation Agent or (ii) has been replaced by EUROSTAT or a successor body with
a successor index, the calculation of which is based, in the opinion of the Calculation
Agent, on the same or substantially the same formula and method of calculation, the
index so calculated and published shall be deemed to be the Reference Index.
b) Replacement.
If on any Calculation Date the Reference Index is no longer published and subsection
(5) (a) is not applicable, the Calculation Agent shall determine an alternative
consumer price index which, in the opinion of the Calculation Agent, comes
economically closest to the Reference Index, and the index so determined shall then
be deemed to be the Reference Index.
(6) Notices
The Calculation Agent shall give notice by publication in accordance with § 6 subsection (2)
of the respective Interest Amount payable on any Interest Payment Date and the Index-

linked Interest Rate underlying such Interest Amount as soon as practicable upon the
calculation of the Interest Amount, but in no event later than on the Business Day preceding
the relevant Interest Payment Date. If the Calculation Agent bases the determination of the
Interest Amount and the Index-linked Interest Rate on the Substitute Reference Index
pursuant to subsection (4) or on a Substitute Index pursuant to subsection (5) (a) or (b), it
shall specify such fact together with the notice pursuant to sentence 1.
(7) Determinations Binding
All determinations of Interest Amounts and all other determinations, opinions and decisions
of the Calculation Agent for the purposes of this § 2 shall be binding on the German
Government and on the Holders.
(8) Accrued Interest
If it is necessary to compute interest for a period of other than a full year ("Calculation
Period"), it shall be calculated on the basis of the actual days elapsed in the Calculation
Period divided by the actual number of days in the Interest Period (365 or 366)
(Actual/Actual). "Interest Period" means a period from the Interest Commencement Date or
the last preceding Interest Payment Date (inclusive) to the next following Interest Payment
Date (exclusive).
§°3
Maturity; Redemption Amount; Repurchase
(1) Maturity
The German Government securities shall be redeemed at their redemption amount on the
date announced in the relevant invitation to bid (the "Due Date"). Neither the German
Government nor any Holder shall be entitled to redeem the German Government securities
prior to their maturity.
(2) Redemption Amount
The Redemption Amount shall be calculated by the Calculation Agent pursuant to the
following formula:

Aggregate Principal Amount x Indexation CoefficientDue Date

where Indexation CoefficientDue Date has the same meaning as Indexation CoefficientInterest
Payment Date in § 2 subsection (3). § 2 subsections (4) through (7) shall apply mutatis mutandis.
Should the Redemption Amount so calculated be less than the aggregate principal amount,
the Redemption Amount shall equal the aggregate principal amount.
(3) Repurchase
The German Government may at any time purchase, hold and resell German Government
securities in the open market or otherwise. German Government securities held by the
German Government for its own account or for account of one of its special funds
(Sondervermögen) may be cancelled in whole or in part in the Federal Debt Register.

§°4
Payments
(1) Payments
Payments of principal of, and interest on, the German Government securities in the form of a
collective debt register claim shall be made in Euro on the relevant payment date (subsection
(2)) to, or to the order of, CBF for credit by CBF of the respective amounts due to CBF
account holders. Payments of principal of, and interest on, the German Government
securities made by the German Government to, or to the order of, CBF shall discharge the
liability of the German Government under the German Government securities to the extent of
the sums so paid.
(2) Payment Date and Due Date
For the purpose of these issuance terms and conditions, "Payment Date" means the date on
which payment is actually to be made, where applicable as adjusted in accordance with
subsection (3), and "Due Date" means the payment date provided for, without taking account
of any such adjustment.
(3) Business Day Convention
If any due date for the payment of principal or interest to, or to the order of, CBF is not a
Business Day, such payment will not be made until the next day which is a Business Day,
and no further interest shall be paid in respect of the delay in such payment.
§°5
The Calculation Agent
The Federal Republic of Germany Finance Agency shall be the "Calculation Agent". The
German Government may at any time appoint another entity as Calculation Agent. Notice of
any such change of Calculation Agent shall be given by publication in accordance with § 6
subsection (1). Any Calculation Agent in such capacity acts exclusively as agent
(Erfüllungsgehilfin) of the German Government and does not have any legal relationship of
whatever nature with the Holders. It is not in any event accountable to any Holder.
§°6
Publications / Announcements
(1) Publications
These terms and conditions and any amendments thereof shall be published in the Federal
Gazette (Bundesanzeiger).
(2) Other Announcements
Other announcements concerning the German Government securities shall be published in
the electronic Federal Gazette (elektronischer Bundesanzeiger) and in a leading daily
newspaper of general circulation in the Federal Republic of Germany authorized for the
publication of mandatory stock exchange announcements. Any announcement will become
effective for all purposes on the day following the date of its publication, or, if published more
than once or on different dates, on the day following the first date of any such publication.

§°7
Miscellaneous Provisions
(1) Listing
The German Government securities will be listed in the regulated market (regulierter Markt)
at the Frankfurt Stock Exchange.
(2) Eligibility for Trusts
The German Government securities are eligible for trusts pursuant to section 1807 (1)
number 2 of the German Civil Code (BGB).
(3) Eligibility for Investment in Premium Stock Reserve
The German Government securities are eligible for the investment of restricted assets
pursuant to section 54 (2) number 2 of the Act on the Supervision of Private Insurance
Enterprises (Versicherungsaufsichtsgesetz, VAG).
(4) Eligible Assets
The German Government securities are eligible as collateral for the open market and credit
operations of the ESCB in accordance with Article 18.1 of the Protocol on the Statute of the
ESCB and of the ECB.
(5) Governing Law
The German Government securities, both as to form and content, as well as the rights and
duties of the Holders and the German Government shall be governed by and construed in
accordance with German Law.
(6) Jurisdiction
Any action or other legal proceedings arising out of or in connection with the German
Government securities may exclusively be brought in the District Court (Landgericht) of
Frankfurt am Main.
(7) Scope of Application
These terms and conditions shall apply to all inflation-linked Federal bonds and inflation-
linked Federal notes of the German Government for which it is stipulated in the relevant
invitation to bid that they shall be applicable.
§°8
Amendments of Issuance Terms and Conditions
(1) Amendments
The Holders of the German Government securities may amend the terms and conditions with
the consent of the German Government by majority decision taken at a Holders' meeting or
by a resolution adopted by written consent outside of a Holders' meeting, all in accordance
with the collective action clauses for German Government securities (Umschuldungsklauseln
für Bundeswertpapiere) (Schedule) in conjunction with §§ 4a through 4k of the Act on
Federal Debt Management (Bundesschuldenwesengesetz).
(2) Binding Effect of Amendment

Any amendment of the terms and conditions in accordance with subsection (1) shall have
binding effect on all Holders.
(3) Publication of Amendment
By derogation of § 6, the provisions of number 5 of the collective action clauses for German
Government securities shall apply to publications of any amendment of the terms and
conditions pursuant to subsection (1).
Berlin, 21 December 2012
VII A 2 WK 2202/07/0001
Federal Ministry of Finance
By Order
Holters

Schedule
Collective Action Clauses for German Government securities
1General Definitions
(a) "German Government securities" means these German Government securities (of which
these terms and conditions form a part) and any other bills, treasury notes, bonds,
obligations or other debt securities issued by the German Government with an original
stated maturity of more than one year and which form one or more series covered by
collective action clauses, and includes any payment obligations, irrespective of their
original stated maturity, that formerly constituted a component part of German
Government securities.
(b) "zero-coupon obligation" means a German Government security that does not expressly
provide for the accrual of interest, and includes former component parts of a German
Government security that did provide for the accrual of interest if that component part
does not provide for the accrual of interest.
(c) "index-linked German Government security" means a German Government security that
provides for the payment of additional amounts linked to changes in a published index,
but does not include a component part of an index-linked German Government security
that is no longer attached to that index-linked German Government security.
(d) "series" means all tranches of German Government securities that are (i) identical in all
respects except for their date of issuance or first payment date, and (ii) therefore are
meant to form a single series. Specifically, these German Government securities
together with any tap issuances, if any, form a single series for these purposes.
(e) "outstanding" in relation to these German Government securities means any German
Government security outstanding for purposes of Section 2.7 and in relation to another
series, any German Government security that is outstanding for purposes of Section 2.8.
(f) "modification" means any modification, amendment, supplement or waiver of the
issuance terms and conditions of German Government securities. In this context,
issuance terms and conditions shall include any agreement governing the issuance or
administration of the relevant German Government securities.
(g) "cross-series modification" means a modification involving (i) these German Government
securities and (ii) the German Government securities of other series.
(h) "reserved matter" in relation to these German Government securities means any of the
following modifications of the issuance terms and conditions:
(i) a change of the due dates for payments;
(ii) a reduction of the nominal value and interest amounts, even if already overdue;
(iii) a change of the method used to calculate payments;
(iv) a reduction of the redemption price or change of the date of a possible early
redemption;
(v) a change of the currency or place of payment;
(vi) the introduction of any conditions on obligations of the German Government to
make payments or any other modification of the obligations of the German
Government to make payments;
(vii) a change of circumstances under which these German Government securities may
be declared due and payable prior to their stated maturity;
(viii) a change of the seniority or ranking
(ix) a change of the governing law
(x) a change of the jurisdiction or a waiver of immunity by the German Government;

(xi) a change of the outstanding nominal value required for holder majorities of these
German Government securities or in case of a cross-series modification of the
German Government securities of another series; modification of the requirements
for a quorum; change of the definition of "outstanding" or
(xii) change of this paragraph (h).
The aforementioned definition of "reserved matter" will also apply to German Government
securities of another series.
(i) "holder" means holders of these German Government securities, the co-owners of the
collective debt register claim (Sammelschuldbuchforderung) or co-owners of the
proportionate interest in the global note; this also applies to German Government
securities of another series.
(j) "record date" in relation to any proposed modification means the date fixed by the
German Government for determining the holders of this German Government security
(or in relation to a cross-series modification of other German Government securities)
that are entitled to vote on a resolution in a meeting or to sign a written resolution.
2Modification of German Government Securities
2.1Reserved Matters. Modifications of these German Government securities in relation to
reserved matters require the consent of the German Government and the holders
(a) in case of a meeting, with a majority of not less than 75 per cent. of the outstanding
nominal value of these German Government represented at the time votes are cast; or
(b) in case of a written resolution, with a majority of not less than 66 2/3 per cent of the then
outstanding nominal value of the German Government securities.
2.2Cross-Series Modification. Cross-series modifications in relation to reserved matters
require the consent of the German Government and the holders:
(a)(i) in case of meetings, with a majority of not less than 75 per cent of the outstanding
nominal value of all series that would be affected and are represented at the time votes
are cast; or
(a)(ii) in case of a written resolution, with a majority of not less than 66 2/3 per cent of the
then outstanding nominal value of all series that would be affected;
and
(b)(i) in case of meetings, with a majority of more than 66 2/3 per cent of the outstanding
nominal value of each relevant series represented at the time votes are cast; or
(b)(ii) in case of written resolutions, with a majority of more than 50 per cent of the then
outstanding nominal amount of each relevant series.
The holders of these German Government securities and the holders of the German
Government securities of each other affected series will vote in separate meetings held for
the each series and/or adopt separate written resolutions for each series.
2.3Proposed Cross-Series Modifications. Proposed cross-series modifications may be
phrased in the alternative (i.e. may include one or more proposed alternative modifications),
provided that all proposed alternative modifications are submitted to the vote of the holders
of the affected series.