Euro-Bund Future - Financial definition
Concise definition of the term Euro-Bund Future
Interest rate futures contract on a notional long-term German government bond (Bundesanleihe) with a remaining term comprised between 8.5 and 10.5 years.
Comprehensive definition of the term Euro-Bund Future
Bund futures are the most actively traded interest rate future contracts of the euro zone.
Contract specifications
| Market code | FGBL1 |
| Reuters code | FGBL1 |
| Bloomberg ticker | RX1 |
| ISIN code | DE0009652644 |
| Currency | EUR |
| Market | td>Eurex|
| Trading hours | 8.00h - 22.00h ( - 12.30h on last trading day) |
| Contract value | 100 000 EUR |
| Minimum price change (tick) | 0.01 |
| Tick value | 10 EUR |
| Coupon | 6.000% |
| Contract months | Up to nine months: The three nearest quarterly months of the March, June, September and December cycle |
| Delivery date | The tenth calendar day of the respective quarterly month, if this day is an exchange day; otherwise, the exchange day immediately succeeding that day. |
| Last trading day | Two exchange days prior to the Delivery Day of the relevant maturity month. Close of trading in the maturing futures on the Last Trading Day is at 12:30 CET. |
| Physical delivery | Bonds issued by the German government with a remaining term between 8.5 and 10.5 years at delivery date and a minimum outstanding volumen of 5 billion euros. |
1 These codes are completed with two characters representing the given contract's delivery month: a letter to designate the month (H = March, M = June, U = September, Z = December), and one digit to designate the year (for example 3 for 2023). The September 2023 Bund future contrat would hence have the Reuters code FGBLU3.