The video's framing, against the whole record

The video's “what used to be the exception is now the rule — for decades continuously oversubscribed” is the one claim the full time series answers directly: 111 of 596 Bund auctions since 1999 drew fewer bids than the offered volume, in every era of the record — the highest shares in 2008–2014 and 2015–2019, not today. What the series does show is a real 2026 softening against an exceptionally strong 2023–2025.

§ 11.1 Demand: bids ÷ offered volume

The yearly average of total bids over offered volume, all Bund auctions. Values below the dashed line mean the year's average auction was technically undersubscribed.

Yearly average bid-to-offer ratio (total bids ÷ offered volume), Bund auctions 1999–2026. Source: Deutsche Finanzagentur, auction results since 1999, retrieved 2026-07-11. Bund auctions only (Auc/M-A).

§ 11.2 Retention: the Marktpflegequote

The share of each issue booked into federal own-holdings, yearly average. A stable band — not a crisis dial. Context on what the quota is: claim 03.

Yearly average retention (Marktpflegequote) as share of issuance volume, Bund auctions 1999–2026. Source: Deutsche Finanzagentur, auction results since 1999, retrieved 2026-07-11. Bund auctions only (Auc/M-A).

§ 11.3 Price: 10-year auction yields

Average allotment yield of 10-year Bund auctions per year — the full arc from ~5 % through the negative-yield era back to ~3 %. Today's yields are a normalization to pre-2011 levels, not uncharted territory.

Yearly average allotment yield of 10-year Bund auctions 1999–2026, including the negative-yield era. Source: Deutsche Finanzagentur, auction results since 1999, retrieved 2026-07-11. Bund auctions only (Auc/M-A).

§ 11.4 The eras in one table

Bund auctions (Auc and Multi-ISIN), 1999–2026. Source: Deutsche Finanzagentur, retrieved 2026-07-11. Underlying records: the dataset.

Era	Auctions	Avg bids ÷ offer	Undersubscribed	Avg retention
1999–2007	70	1.63×	6 (8.6 %)	16.6 %
2008–2014	94	1.2×	27 (28.7 %)	19.4 %
2015–2019	112	1.21×	35 (31.2 %)	20.6 %
2020–2022	103	1.36×	24 (23.3 %)	18.5 %
2023–2025	178	2.0×	11 (6.2 %)	18.9 %
2026	39	1.47×	8 (20.5 %)	19.2 %

§ 11.5 Notable weak auctions, 1999–2026

The ten weakest Bund auctions by bids ÷ offer — note the dates and the yields. Three of the ten happened at yields near or below zero, when German debt was the most demanded asset in Europe:

Flagged row: the auction the video cites. Source: Deutsche Finanzagentur, retrieved 2026-07-11.

Date	Segment	ISIN	Offered €m	Bids €m	Bids ÷ Offer	Retention	Yield
21 Aug 2019	30 Y	DE0001102481	2,000	869	0.43×	58.8 %	-0.11 %
18 Oct 2022	7 Y	DE0001102622	4,000	1,864	0.47×	55.4 %	2.23 %
24 Nov 2021	15 Y	DE0001102549	2,000	1,080	0.54×	51.0 %	-0.06 %
28 Jan 2015	30 Y	DE0001102341	2,000	1,212	0.61×	53.0 %	1.07 %
23 Nov 2011	10 Y	DE0001135465	6,000	3,889	0.65×	39.3 %	1.98 %
08 Jul 2026	10 Y	DE000BU2Z072	6,000	4,022	0.67×	35.0 %	3.09 %
19 Feb 2020	30 Y	DE0001102432	1,500	1,045	0.70×	35.0 %	0.07 %
09 May 2018	30 Y	DE0001102432	1,500	1,059	0.71×	32.8 %	1.26 %
02 Jul 2008	10 Y	DE0001135358	7,000	4,965	0.71×	34.1 %	4.66 %
11 Apr 2018	30 Y	DE0001102341	1,500	1,073	0.72×	30.5 %	1.12 %