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Focus areas for our bond selection

Denominated in €, $, £, Fr. Our current spotlight is on the universe of bonds denominated in Euros, US Dollars, British Pounds, and Swiss Francs.

Favorable risk-to-return ratio. In our assessment, the bonds highlighted present tolerable credit risk while offering yields that stand out compared to bank deposits and other bonds.

Accessible Investment Sizes. The bonds are available for trading in smaller, more manageable lots of up to 1,000 EUR or equivalent.

Market Liquidity. We prioritize bonds that are widely accessible through numerous brokers and exhibit active trading with consistent bid and ask quotes.

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The format we use to display the name of a bond is as follows: “Issuer Name”, “Current Coupon Rate”, “Maturity Date (mm-yyyy)”.

The return you would get if you bought at a given price and held to maturity, expressed on an annualised basis. If the bond has embedded options (i.e. put or call options), the yield is calculated to the worst possible outcome for you.

The difference in return between an investment in a bond and an investment in a bank deposit, both with the same maturity and in the same currency, assuming the bond is held to maturity. The benchmark deposit rate used for comparison depends on the currency of the bond and is derived from fixed-term deposits available in the following countries:

  • EUR – Germany
  • USD – United Stated of America
  • GBP – United Kingdom
  • CHF – Switzerland

The deposit spread is presented in two formats:

  1. As an annualized percentage yield differential: This measures the annual yield difference between the bond and the bank deposit.
  2. As an absolute return premium: By multiplying the annualized yield differential by the bond's term and the specified investment amount, this calculation provides the cumulative extra earnings expected from investing in the bond instead of the deposit.

For the benchmark deposit rate, we use indicative bank deposit rates from central banks. When central bank statistics are significantly delayed, we rely on actual deposit rates from leading banks within the selected country where possible.

The best available clean price at which a bond can be bought.

The term 'firm price' refers to the price that closely approximates the ask price seen from brokers known to us who trade the bond. It is calculated as the average of the best ask prices at market close on the most recent trading day, from the most liquid exchanges where the bond was actively traded. Selecting this option enhances your confidence in matching the price when accessing your broker's application

Proceeds from the bond issue are used to finance environmentally friendly projects, such as reducing carbon emissions or mitigating the effects of climate change

When this option is clicked, the screener displays all Subordinated and Senior non-preferred bonds, which are more risky, in addition to the Senior and Secured bonds shown by default. Clicking this option also adds an additional 'Seniority' column to the screener.

The time to maturity of a bond from today, expressed in years.

An assessment of a borrower's creditworthiness, or the likelihood that the borrower will pay its debts and not go bankrupt.

We calculate the average publicly available bond and borrower credit rating assigned by global rating agencies and present it on a five-point scale with the following meaning:

Very Low: current average credit rating in the range of AA- and higher

Low: current average credit rating of A-, A or A+

Medium: current average credit rating of BBB-, BBB or BBB+

High: current average credit rating of BB-, BB or BB+

Very High: current average credit rating in the range of B+ and below. Bonds and borrowers that are not rated by any global rating agency also fall into this category

The country in which a borrower's main business is located, either in terms of assets or sources of income.

The high-level type of industry in which the borrower of a bond operates.

Brokers and banks known to us that allow you to trade the bond you are looking at on their platform.

The minimum denomination in which you can trade a bond. This is not relevant if the broker allows you to trade fractions of bonds (Trade Republic is an example).

International Securities Identification Number (ISIN) is a globally recognized unique identifier for a security. Click on it to copy it to the clipboard and look it up with your broker.

We offer two different types of pricing data, both calculated in-house: 'firm price' and 'indicative price'.

The 'firm price' is based on the lowest ask price from the previous day’s trading session taken from the exchanges listed below and adjusted for the liquidity level of the venue specific to the instrument.

Exchanges used to calculate the 'firm price':

  • Euronext Paris
  • Euronext Amsterdam
  • Euronext Brussels
  • Euronext Lisbon
  • Euronext Dublin
  • Euronext Oslo

The 'indicative price' is generated by our unique pricing model, which aggregates data from multiple sources to estimate a value for the instrument on the last trading day. This model incorporates multi-factor analysis, taking into account aspects such as trading volume at relevant venues, randomised factors and a pre-defined maximum variance.

Please note that the pricing data provided by Bondfish is proprietary and may not be redistributed without explicit permission.

The name of the organization, government, or municipal authority that has issued the bond.
The currency in which the bond is denominated. This means that you buy or sell the bonds in exchange for that currency, and receive payments from the issuer in that currency.
Interest rate, expressed in annualised terms, that an issuer must pay to holders of the bond. Interest is accrued on the par amount, not the market value.
The coupon rate may be Fixed for the life of the bond. It may be Floating, linked to a public interest rate benchmark and change based on movements in that rate. the bond may pay no interest at all. In this case it is called a Zero coupon bond.
Indicates how often the bond pays out its coupon.
The date on which the bond was issued by an issuer.
The date on which the bond is to be repaid in full by the borrower. After this date, the bond is no longer active and available for trading.
This is the total value of all notes in the same bond issue that are currently active or unpaid. It's found by multiplying the par amount of the bond (usually set at 1,000 euros, dollars, etc.) by the total number of those notes. The amount is displayed in the currency of the bond.

The classification of a bond that indicates the order of priority for repayment in the event of the issuer's bankruptcy:

  • Secured and Senior bonds are repaid first.
  • Senior Non-preferred bonds issued by financial institutions are repaid after Secured and Senior Preferred bonds.
  • Subordinated and Junior Subordinated bonds are repaid last, so their holders may suffer the greatest losses if the borrower goes out of business.
Indicates whether the bond can be called by the issuer. Hover over the value to see the date and price of the next possible call.
The market parameters of the bond at which it can be sold at the time specified above.
The market parameters of the bond at which it can be purchased at the time specified above.
The annual yield differential between the bond and the corresponding bank deposit. The benchmark deposit rate used for comparison is sourced from fixed-term deposits in your designated home country, which can be updated in your Account settings.
A measure of a bond's interest rate risk. It shows how much the price of the bond will fall or rise if the level of market interest rates changes.

Readings

Author
Stanislav Polezhaev, CFA
An industry veteran with over a decade of experience in capital markets, specializing in fixed income
Stanislav Polezhaev
Fresh readings
  1. Grifols Bond Yield Drops Amid Brookfield's Takeover Plans
  2. German SME bond market was recovering in 1H2024
  3. 888 Acquisitions Bond Yield Rises After Evoke Profit Warning
  4. New currencies and Premium plan now available on Bondfish!
  5. National Debt: Could G7 Debt Spark a New Bond Market Crisis?
Back
16.11.2023
How to buy bonds via flatexDeGiro
How to buy bonds via flatexDeGiro
220

Key thoughts

  • DeGiro is a pan-European online broker that provides easy access to residents of 18 countries.

  • There are nearly 500 European bonds available on DeGiro's trading platform, most of which are available for trading in sizes of 1 000 Euros and below.

  • DeGiro charges a flat fee of 2 to 3 Euros to execute a bond trade.

flatexDeGiro presents a user-friendly platform for European individuals looking to dive into bond trading. Beyond bonds, this broker also provides access to shares, ETFs, options, and futures.

About flatexDeGiro

flatexDeGiro is the largest European online broker, boasting over 2.6 million clients as of late October 2023. The company emerged from the merger of two leading brokers in 2020 – Germany's flatex and the Netherlands' DeGiro.

Serving clients across 18 countries in Europe, it operates under two brands: flatex, popular in Germany and Austria, and DeGiro, active in other regions. As a publicly listed company, flatexDeGiro has a market capitalization of over 1.1 billion Euros and its shares are traded on the Frankfurt Stock Exchange under the ticker FTK.GR.

Account opening

The simplest way to open an account with DeGiro is through their mobile app. DeGiro accounts are available to residents of the following countries:

DeGiro countries.

To open an account, you'll need a valid ID (passport or EU identity card), tax identification number, and bank details. The process is entirely online and typically takes just a few hours.

Note that deposits are accepted only from the bank account specified during registration and must be in your home currency, which cannot be changed later.

Bonds available on the platform

Currently there are 468 bonds available to trade on DEGIRO platform.

Below is a breakdown of the available bonds by key features:

Available on DeGiro bonds by key features.

The average ask yield to maturity for bonds denominated in Euros available on the platform is 3.7%.

Many bonds available have a low entry threshold, making it feasible for individuals with limited capital to invest in bonds. However, DeGiro does not support fractional bond trading.

Bonds sourcing

DeGiro provides access to bonds traded on the Euronext group (Amsterdam, Brussels, Paris, Lisbon) and the XETRA group, including the Frankfurt Stock Exchange. The latter is particularly active in bond trading, offering a more extensive selection than currently available on DeGiro.

Customers can request new instruments for trading on the DeGiro platform. If you find an interesting bond on these exchanges (e.g., through Bondfish screener) that isn't currently on DeGiro, you can ask their customer desk to add it.

Fees

DeGiro has no inactivity fees or minimum trading requirements. They charge a flat fee of 2 Euros per bond trade. An additional 1 Euro handling fee applies for trades not conducted on your home exchange.

For example, a resident of the Netherlands would pay 2 Euros for buying a bond on the Euronext Amsterdam but 3 Euros for one via the Frankfurt Stock Exchange.

All trading costs are transparently displayed before the transaction.

Trading platform

DeGiro's platform is available in both mobile and desktop versions. To access available bonds, select Products - Bonds from the left sidebar.

All bonds available for trading can be accessed by selecting Products - Bonds from the left sidebar:

Access to the available bonds vie DeGiro's sidebar.

The current filters allow you to sort bonds by Government/Corporate type and by exchange.

DeGiro filters.

You can also search for a bond by name or ISIN.

DeGiro search.

Analytics

Currently, DeGiro does not offer basic bond analytics such as yield, duration, spread calculations, etc. These parameters cannot be added to the general bond table or viewed on individual bond pages. Payment schedules, maturity dates, and coupon information are also absent; only price and volume data are displayed.

DeGiro analytics.

However, Bondfish is here to help you with all your bond analysis needs through our screener.

Portfolio analytics

DeGiro provides basic analytics for your bond portfolio, including the calculation of total financial results.

DeGiro portfolio analytics.

Summary

Here is the main pros and cons of using DEGIRO for trading European bonds:

The main pros and cons of using DEGIRO for trading European bonds.

Author
Stanislav Polezhaev, CFA
An industry veteran with over a decade of experience in capital markets, specializing in fixed income
Stanislav Polezhaev
Fresh readings
  1. Grifols Bond Yield Drops Amid Brookfield's Takeover Plans
  2. German SME bond market was recovering in 1H2024
  3. 888 Acquisitions Bond Yield Rises After Evoke Profit Warning
  4. New currencies and Premium plan now available on Bondfish!
  5. National Debt: Could G7 Debt Spark a New Bond Market Crisis?
This article does not constitute investment advice or personal recommendation. Past performance is not a reliable indicator of future results. Bondfish does not recommend using the data and information provided as the only basis for making any investment decision. You should not make any investment decisions without first conducting your own research and considering your own financial situation.