Germany Non-Callable Corporate Bond Yields (USD)
Fitted spot curve as of 2026-09-10
https://bondscovery.com/yield-curve/usd-corporate-germany-non-callable
Germany Non-Callable Corporate Bond Yields (USD) as of 2026-09-10: 10Y at 5.96%, fitted curve 1M–40Y (4.69%–6.75%), 113 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 1M | 4.69% | — |
| 3M | 4.71% | 4.73% |
| 6M | 4.75% | 4.90% |
| 9M | 4.79% | 4.96% |
| 12M | 4.83% | 4.96% |
| 18M | 4.90% | 5.12% |
| 2Y | 4.97% | 5.27% |
| 3Y | 5.12% | 5.50% |
| 4Y | 5.26% | 5.81% |
| 5Y | 5.39% | 6.10% |
| 6Y | 5.52% | 6.38% |
| 7Y | 5.64% | 6.64% |
| 8Y | 5.75% | 6.88% |
| 9Y | 5.86% | 7.11% |
| 10Y | 5.96% | 7.30% |
| 15Y | 6.32% | 7.72% |
| 20Y | 6.53% | 8.04% |
| 30Y | 6.70% | 7.93% |
| 40Y | 6.75% | 7.54% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 4.97% and the 10-year 5.96%, a 10Y−2Y spread of +98 bp — positively sloped — as of 2026-09-10. The chart and table below track how they have moved.
Fitted 2Y and 10Y yields and their spread, sampled one build date per month. See all inverted curves today →
| Tenor | Latest2026-09-10 | 1m ago2026-08-11 | 2m ago2026-07-13 | 3m ago2026-06-12 | 4m ago2026-05-13 | 5m ago2026-04-13 | 6m ago2026-03-13 |
|---|---|---|---|---|---|---|---|
| 2Y | 4.97% | 4.61% | 4.60% | 4.65% | 4.47% | 4.42% | 4.27% |
| 10Y | 5.96% | 5.85% | 5.37% | 5.40% | 5.57% | 5.56% | 5.25% |
| 10Y − 2Y | +98 bp | +124 bp | +77 bp | +75 bp | +110 bp | +113 bp | +99 bp |
Yields by rating group
The same curve split by credit quality: 120 rated bonds across 2 rating bands, all maturities pooled. Median yield by band: AAA to AA- 4.90%, A+ to BBB- 5.42%.
Bonds in this curve
A selection of 30 of the 120 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| DZ Bank AG | 4.42% | 2026-10-02 | 3.35% | XS2892332458 |
| Helaba | 5.18% | 2026-11-04 | 3.20% | DE000HEL0AV8 |
| Helaba | 4.85% | 2026-11-12 | 1.00% | DE000HLB28J7 |
| Henkel AG & Co. KGaA | 6.04% | 2026-11-17 | 1.75% | XS2407954002 |
| DZ Bank AG | 4.85% | 2027-02-02 | 4.00% | XS2743088184 |
| DZ Bank AG | 4.72% | 2027-03-18 | 1.84% | XS2454338596 |
| DZ Bank AG | 4.74% | 2027-06-30 | 1.00% | XS2301120379 |
| DZ Bank AG | 4.74% | 2027-08-04 | 3.50% | XS3106088407 |
| Deutsche Bank AG | 4.89% | 2027-09-09 | 5.37% | US25160PAM95 |
| Helaba | 4.91% | 2027-12-17 | 1.00% | DE000HLB2YQ7 |
| DZ Bank AG | 4.76% | 2027-12-20 | 1.00% | XS2355165866 |
| Landwirtschaftliche Rentenbank | 4.58% | 2028-06-14 | 3.88% | US515110CD49 |
| Helaba | 5.02% | 2028-07-24 | 4.00% | DE000HEL0XY4 |
| Volkswagen Group | 5.30% | 2029-03-22 | 5.25% | USU9273AEC54 |
| DZ Bank AG | 5.11% | 2029-04-03 | 3.05% | XS3305174172 |
| Helaba | 5.29% | 2030-05-02 | 4.00% | DE000HEL0GS1 |
| DZ Bank AG | 5.14% | 2030-07-30 | 4.20% | XS3137826890 |
| Landwirtschaftliche Rentenbank | 4.72% | 2031-06-03 | 4.12% | US515110CK81 |
| Bayer AG | 5.55% | 2031-07-20 | 5.12% | USU07264AN10 |
| Deutsche Telekom AG | 5.40% | 2032-06-01 | 9.25% | US25156PAD50 |
| Helaba | 5.50% | 2032-10-06 | 4.00% | DE000HEL0MM2 |
| Helaba | 5.58% | 2033-12-01 | 4.00% | DE000HEL0PY0 |
| Volkswagen Group | 6.06% | 2034-03-22 | 5.60% | USU9273AED38 |
| Bayer AG | 5.57% | 2034-07-15 | 4.20% | USU07265AR98 |
| Dekabank Deutsche Girozentrale | 5.36% | 2036-01-25 | 1.86% | DE000DK0ZMP2 |
| Bayer AG | 6.02% | 2036-07-20 | 5.62% | USU07264AP67 |
| Deutsche Bank AG | 6.17% | 2041-09-09 | 6.00% | US25161FEC86 |
| Bayer AG | 6.58% | 2044-07-15 | 4.40% | USU07265AX66 |
| Bayer AG | 6.67% | 2056-07-20 | 6.38% | USU07264AQ41 |
| Bayer AG | 6.75% | 2064-07-15 | 4.70% | USU07265AZ15 |