CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.

What are IG's bonds CFD product details?

Trade on the direction of long-term interest rates in various countries

All our contracts expire at some specified future date; we quote our own bid/offer spread that is based on the underlying bond price. We offer mini versions of bonds future contracts at 20% of the main contract size and margin requirement.

  • Spot
  • Expiry details
  • Notes

Contract and dealing hours
(London time)

Value of one contract
(per index point)

Contract spread

Limited risk
premium

Margin requirement
(per contract)

Professional clients

Margin requirement
(per contract)

Retail clients

German Bobl
Frankfurt
08.01-22.00
€10 2* 3 0.75% 5%
German Bund
Frankfurt
08.01-22.00
€10 2* 5 0.50% 5%
German Buxl
Frankfurt
08.01-22.00
€10 2* 3 1.50% 5%
German Schatz
Frankfurt
08.01-22.00
€10 1* 4 0.25% 5%
OAT French Government Bond
Frankfurt
08.00-19.00
€10 4* 4 1% 5%
Long-term BTP Italian Government Bond
Frankfurt
08.00-19.00
€10 4* N/A 1% 5%
Japanese Government Bond
Tokyo
08.45-11.00
12.30-15.00
15.30-18.10
19.30-23.30
JPY10,000 5* 4 0.75% 5%
Long-term Gilt
London
08.00-18.00
£10 2* 3 0.50% 5%
Short-term Gilt (2-year)
London
08.00-18.00
£10 1.4* 3 0.50% 5%

Ultra Treasury Bond (Decimalised)

Chicago

18.30-17.00

$10 4 8 0.50% 5%
Treasury Bond (Decimalised)
Chicago
18.30-17.00
$10 4 8 0.50% 5%
2-yr T-Note (Decimalised)
Chicago
18.30-17.00
 
$10 2 8 0.30% 5%
5-yr T-Note (Decimalised)
Chicago
18.30-17.00
$10 2 8 0.50% 5%
10-yr T-Note (Decimalised)
Chicago
18.30-17.00
$10 4 8 0.50% 5%

 

Market name

Contract months

Last trading day (3)

German BOBL Mar, Jun, Sep, Dec Third business day before the 10th of the month
German Bund Mar, Jun, Sep, Dec Third business day before the 10th of the month
German BUXL Mar, Jun, Sep, Dec Third business day before the 10th of the month
German Schatz Mar, Jun, Sep, Dec Third business day before the 10th of the month
OAT French Government Bond Mar, Jun, Sep, Dec Third business day before the 10th of the month
Long-term BTP Italian Government Bond Mar, Jun, Sep, Dec Third business day before the 10th of the month
Japanese Government Bond Mar, Jun, Sep, Dec Usually the 6th Tokyo business day prior to 20th calendar day of month at 15.00 JST
Long-term Gilt Mar, Jun, Sep, Dec Third last trading day of previous month
Short-term Gilt
(2-year)
Mar, Jun, Sep, Dec Third last trading day of previous month
Treasury Bond (Decimalised) Mar, Jun, Sep, Dec Third last business day of previous month
2-yr T-Note (Decimalised) Mar, Jun, Sep, Dec Third last business day of previous month
5-yr T-Note (Decimalised) Mar, Jun, Sep, Dec Third last business day of previous month
10-yr T-Note (Decimalised) Mar, Jun, Sep, Dec Third last business day of previous month

 

All the instruments described on this site are Contracts for Difference (CFDs). Our bonds give you exposure to changes in the value of bond prices but they are cash settled and cannot result in the delivery of any commodity or instrument.

1. For limited risk transactions, a limited risk premium is charged if your guaranteed stop is triggered. The potential premium is displayed on the deal ticket, and can form part of your margin when you attach the stop. Please note that premiums are subject to change, especially going into weekends and during volatile market conditions.

2. a) CFDs on bond futures are quoted with reference to the equivalent expiry contract on the underlying futures market. We do not apply any weighting or biases to our pricing sources.

b) Spreads are subject to variation, especially in volatile market conditions. Our dealing spreads may change to reflect the available liquidity during different times of day. Our normal spread is shown in the table.

c) Dealing spreads may be offered as a fixed or variable amount. If variable spreads are in use, then the spread shown in this table is the amount of IG spread added to the underlying futures market spread. Any variable dealing spreads are marked with an asterisk (*).

3. Unless expressly agreed otherwise with IG, positions will be rolled over to a later date by default. For most positions, a client can, before the position has been automatically closed, ask for the position not be rolled over to a later date. Rolling over a position involves closing the old position and opening a new one. We normally attempt to contact a client shortly before a position is due to expire and offer the client the opportunity to roll the position over. However, we cannot undertake to do this in every case and it remains the client's responsibility to communicate their roll preferences for any position(s) before it expires.

Where a client has agreed with IG to expire a position, it will do so on or after the last dealing day on the basis set out below plus or minus half our spread:

  • T-Bond and T-Note based on the official closing price of the Treasury Bond futures contract on CBOT converted into decimal form and then rounded to the nearest 1/100th of a point.
  • Bund, Bobl Buxl, Schatz, OAT French Government Bond and Long-term BTP Italian Government Bond at the final settlement price of the relevant futures contract as determined by Eurex at 17.15 (Central European Time) on the last dealing day.
  • Short-term Gilt (2-year) based on the final settlement price of the LIFFE Short Gilt Future on the third last business day of the previous month.
  • Long Gilt based on the official closing price of the LIFFE Long Gilt future on the third last business day of the previous month.
  • Japanese Government Bond at the final settlement price of the 10-year mini JGB futures as reported by SGX on the last trading day.

4. The quotation for Decimalised Treasury Bonds is presented in hundredths of a full Treasury Bond point. Contracts will be settled to the nearest 1/100th of a point, as calculated from the relevant settlement provided by CBOT, converted into decimal form.

5. When you trade in a currency other than your base currency your profit or loss will be realised in that currency and will be booked to your account in that currency. As a default, we will automatically, and on a daily basis, convert any positive or negative balance on your account in a currency other than your base currency to your base currency. You may change this default at any time by calling us or via our trading platform.

6. Margin requirements represent a percentage of the overall position value, and can vary depending on which account type you hold. If two values are listed, the first value applies to Trader Accounts and the second to Select Accounts. You can find the applicable tiered margins from the 'Get Info' dropdown section within each market in the trading platform. Please note that higher margins may be required for large positions. See our margins page for more details.

7. Overnight funding for bonds is based on the market cost of carry including an admin fee of 2.5% per annum.

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