A single-point modulator (1) has a PLL circuit (2) and a programmable frequency divider (7) whose control connection is connected to a circuit branch for injecting a digital modulation signal (15) which is arranged in the feedback path of the PLL circuit (2). The circuit branch contains a sigma-delta modulator (9) which, in turn, has a digital filter (24) having a transfer function H(z). The noise transfer function NTF(z) of the sigma-delta modulator (9) is given by the function NTF(z)=1−H(z).