Germany Non-Callable Corporate Bond Yields (USD)
Fitted spot curve as of 2026-07-27
https://bondscovery.com/yield-curve/usd-corporate-germany-non-callable
Germany Non-Callable Corporate Bond Yields (USD) as of 2026-07-27: 10Y at 5.61%, fitted curve 3M–40Y (4.57%–6.56%), 98 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 3M | 4.57% | — |
| 6M | 4.58% | 4.60% |
| 9M | 4.60% | 4.63% |
| 12M | 4.61% | 4.66% |
| 18M | 4.64% | 4.71% |
| 2Y | 4.68% | 4.78% |
| 3Y | 4.75% | 4.91% |
| 4Y | 4.85% | 5.12% |
| 5Y | 4.95% | 5.37% |
| 6Y | 5.07% | 5.66% |
| 7Y | 5.20% | 5.97% |
| 8Y | 5.33% | 6.29% |
| 9Y | 5.47% | 6.60% |
| 10Y | 5.61% | 6.87% |
| 15Y | 6.17% | 7.31% |
| 20Y | 6.44% | 7.22% |
| 25Y | 6.52% | 6.87% |
| 30Y | 6.55% | 6.68% |
| 40Y | 6.56% | 6.59% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 4.68% and the 10-year 5.61%, a 10Y−2Y spread of +93 bp — positively sloped — as of 2026-07-27. 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 | Latest2026-07-27 | 1m ago2026-06-26 | 2m ago2026-05-28 | 3m ago2026-04-28 | 4m ago2026-03-30 | 5m ago2026-02-27 | 6m ago2026-01-28 |
|---|---|---|---|---|---|---|---|
| 2Y | 4.68% | 4.59% | 4.60% | 4.37% | 4.48% | 4.10% | 4.18% |
| 10Y | 5.61% | 5.39% | 5.44% | 5.95% | 5.34% | 5.73% | 5.28% |
| 10Y − 2Y | +93 bp | +81 bp | +84 bp | +158 bp | +86 bp | +162 bp | +110 bp |
Yields by rating group
The same curve split by credit quality: 121 rated bonds across 2 rating bands, all maturities pooled. Median yield by band: AAA to AA- 4.63%, A+ to BBB- 5.38%.
Bonds in this curve
A selection of 30 of the 121 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| DZ Bank AG | 4.35% | 2026-10-02 | 3.35% | XS2892332458 |
| DZ Bank AG | 4.25% | 2026-11-05 | 3.00% | XS2910559231 |
| DZ Bank AG | 4.63% | 2026-12-18 | 4.40% | XS2731508540 |
| DZ Bank AG | 4.63% | 2026-12-18 | 4.35% | XS2775708824 |
| DZ Bank AG | 4.92% | 2027-03-18 | 1.84% | XS2454338596 |
| Volkswagen Group | 5.34% | 2027-03-22 | 5.30% | USU9273AEB71 |
| DZ Bank AG | 4.68% | 2027-06-30 | 1.00% | XS2301120379 |
| DZ Bank AG | 4.70% | 2027-09-02 | 3.35% | XS3138730133 |
| Landesbank Hessen-Thueringen Girozentrale | 4.09% | 2027-11-03 | 3.15% | DE000HEL0N11 |
| Landwirtschaftliche Rentenbank | 4.36% | 2027-11-15 | 2.50% | US515110BT00 |
| DZ Bank AG | 4.89% | 2028-05-05 | 3.75% | XS3032966544 |
| Landesbank Hessen-Thueringen Girozentrale | 4.13% | 2028-07-24 | 4.00% | DE000HEL0XY4 |
| DZ Bank AG | 4.93% | 2029-02-05 | 3.15% | XS3265588007 |
| DZ Bank AG | 4.92% | 2029-02-05 | 3.25% | XS3282840068 |
| Mercedes-Benz | 5.01% | 2030-03-10 | 2.62% | USU2339CDY13 |
| Landesbank Hessen-Thueringen Girozentrale | 4.69% | 2030-05-02 | 4.00% | DE000HEL0GS1 |
| Landwirtschaftliche Rentenbank | 4.48% | 2031-02-06 | 4.12% | XS2760775549 |
| Bayer AG | 5.40% | 2031-07-20 | 5.12% | USU07264AN10 |
| Deutsche Telekom AG | 5.06% | 2032-06-01 | 9.25% | US25156PAD50 |
| Landesbank Hessen-Thueringen Girozentrale | 4.98% | 2032-10-06 | 4.00% | DE000HEL0MM2 |
| Landesbank Hessen-Thueringen Girozentrale | 5.08% | 2033-12-01 | 4.00% | DE000HEL0PY0 |
| Volkswagen Group | 5.75% | 2034-03-22 | 5.60% | USU9273AED38 |
| Bayer AG | 5.50% | 2034-07-15 | 4.20% | USU07265AR98 |
| Dekabank Deutsche Girozentrale | 5.13% | 2036-01-25 | 1.86% | DE000DK0ZMP2 |
| Bayer AG | 5.87% | 2036-07-20 | 5.62% | USU07264AP67 |
| Bayer AG | 6.08% | 2042-07-15 | 3.60% | USU07265AV01 |
| Bayer AG | 6.52% | 2044-07-15 | 4.40% | USU07265AX66 |
| Allianz SE | 6.12% | 2053-09-06 | 6.35% | USX10001AC35 |
| Allianz SE | 5.68% | 2054-09-03 | 5.60% | USX10001AD18 |
| Bayer AG | 6.63% | 2064-07-15 | 4.70% | USU07265AZ15 |