The Bunds issued for the Unity Fund were first introduced in 1990 to provide funds to finance the unification of Germany. Since that time DM 43 billion of ten year Unity Fund bonds have been issued. Bonds issued for the Unity Fund are the direct debt obligation of the Federal Republic of Germany.

The Treuhandanstalt (Treuhand) is responsible for the sale of assets formerly under the control of the East German government prior to unification. The cost of restructuring and privatizing the former East German companies has been considerable and the Treuhand expects to raise over DM 1 00 billion of long term debt over the period 1992 - 1994 to help finance this. Bonds issued by the Treuhand (Treuhand Bonds) are also, in effect, the direct debt obligation of the Federal Republic of Germany.

As of December 1992, a total of DM 353.4 billion Bunds, Unity Fund issues and Treuhand Bonds were outstanding. Bunds, Unity Fund issues and Treuhand Bonds are the basis of the LIFFE German Government Bond ("Bund') futures and options contracts