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Bonds

Take advantage of the inverse relationship between long-term interest rates and bond prices with our government bond futures markets

When might you trade on bond futures?

  • To back your judgement on future changes in long term interest rates
  • To hedge against existing government bond holdings

Benefits

  • Choose from a comprehensive selection of global government bonds

  • Our contracts are off-exchange, so you can deal in fractions of contracts

Bonds CFD product details

Spot

Bonds information table

Contract

Value of one contract (per index point)

Contract spread[2]

Limited risk premium

Margin requirement (per contract)

German Bund €10 2 5 0.5%
German Bobl €10 2 3 0.75%
German Buxl €10 2 3 1.50%
German Schatz €10 1 4 0.25%
OAT French Government Bond €10 4 4 1%
Long-term BTP €10 4 N/A 1%
Long Gilt £10 2 3 0.5%
Treasury Bond Decimalised $10 4 8 0.5%
10-Year T-Note Decimalised $10 4 8 0.5%
5-Year T-Note Decimalised $10 2 8 0.5%
2-Year T-Note Decimalised $10 2 8 0.3%
US Dollar Basket $10 5 10 0.5%
 

Futures

Contract and
dealing hours

(local time)
Value of one
contract

(per index
point)
Contract
spread [2]
Limited risk
premium
Margin
requirement

(per contract)
German Bobl
Frankfurt
08.01-22.00
€10


 
2
 
3
 
0.75%

 
German Bund
Frankfurt
08.01-22.00
€10


 
2
 
5
 
0.5%

 
German Buxl
Frankfurt
08.01-22.00
€10


 
2
 
3
 
1.5%

 
German Schatz
Frankfurt
08.01-22.00
€10


 
1
 
4
 
0.25%

 
OAT French Government Bond
Frankfurt
08.00-19.00
€10


 
4
 
4
 
1%

 
Long-term BTP Italian Government Bond
Frankfurt
08.00-19.00
€10


 
4
 
N/A
 
1%

 
Japanese Government Bond
Tokyo
08.45-11.00, 12.30-15.00, 15.30-18.10, 19.30-23.30
JPY10,000


 
8
 
4
 
0.75%

 
Long-term Gilt
London
08.00-18.00
£10


 
2
 
3
 
0.5%

 
Short-term Gilt (2-year)
London
08.00-18.00
£10


 
2
 
3
 
0.5%

 
Treasury Bond (Decimalised)
Chicago
18.30-17.00
$10


 
4
 
8
 
0.5%

 
2-yr T-Note (Decimalised)
Chicago
18.30-17.00
$10


 
2
 
8
 
0.5%

 
5-yr T-Note (Decimalised)
Chicago
18.30-17.00
$10


 
2
 
8
 
0.3%

 
10-yr T-Note (Decimalised)
Chicago
18.30-17.00
$10


 
4
 
8
 
0.5%

 

Expiry details

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 8th 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  
 

Notes

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 trades 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 (*).

d) We will not charge any additional commission unless we notify you in writing.

3. Positions not already closed by the client expire automatically on the following basis:

  • 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. For most positions, you can, at any time before the position has been automatically closed, ask for the position to 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 you shortly before a position is due to expire and offer the opportunity to roll the position over. However, we cannot undertake to do this in every case and it remains your responsibility to give instructions, if you so wish, to roll the position over before it expires.

5. 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.

6. 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.

7. 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.

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

Learn more about CFDs and their potential risks