German bond issuance hit a five-year high in the year to date to 28 May 2026, with total volume up 13% year-on-year to EUR388bn. FIG supply reached its highest level in the comparison period, duration is extending sharply, and German borrowers are diversifying funding currency at a pace not seen in recent years. But the headline growth number masks a more nuanced picture — redemptions rose nearly as fast as issuance, and net supply tells a different story to the top line.