Invitation to bid - Treasury discount paper (Unverzinsliche Schatzanweisungen – “Bubills”) of the Federal Republic of Germany

Press release

Frankfurt am Main 22 January 2021 Page 1 of 1

Invitation to bid

Treasury discount paper (Unverzinsliche Schatzanweisungen - "Bubills") of the Federal Republic of Germany

For the account of the Federal Government, the German Finance Agency, through Deutsche Bundesbank, offers for sale by auction:

Treasury discount paper of the Federal Republic of Germany (Unverzinsliche Schatzanweisungen - "Bubills")

January 2021 issue / maturity 12 months due on 19 January 2022 (357 interest days) ISIN DE0001030336

envisaged issue volume (auction allotment and retention quote): € 4 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 as full 0.00005 percentage points. It is possible to make non-competitive bids and to submit several bids at different prices. No yield bids will be considered. 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 price bids accepted. The right to scale down bids is reserved.

Time schedule of the auction procedure:

Bidding period:	Monday, 25 January 2021, from 8.00 a.m. until 11.30 a.m. Frankfurt time
Value date:	Wednesday, 27 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.