Bund Issues Auction Group

The Bund Issues Auction Group comprises credit institutions that have been approved by the Finance Agency as participants in the auctions of Federal securities.

The requirement for a Bund Issues Auction Group membership is a registered office in a member state of the European Union (EU), the European Economic Area (EEA) or Switzerland. In addition, the requirements of the auction rules must be fulfilled and the special terms and conditions of Deutsche Bundesbank for auctions of German Federal securities using the Bund Bidding System (BBS) must be accepted:

The Federal government generally takes a very liberal approach to the auction group banks in structuring its issuance process. In order to remain a member of the bidding group, a credit institution only has to underwrite at least 0.05% of the total issue amounts allocated in the tenders in a calendar year, weighted according to maturity. Members who do not achieve this minimum amount have to leave the auction group at the end of the year.

Ranking

A ranking list of the members of the Bund Issues Auction Group is published semi-annually according to their shares in the allocated weighted issue volume without naming the share rates. 

The current number of credit institutions in the auction group is 33. The current ranking of the group members is shown in the table below. It is based on the allocation amounts assumed by members as of the end 2024 and weighted according to the capital commitment period and interest rate risk.

Ranking of members at the end of 2024

1J.P. Morgan SE17UniCredit SpA
2Citibank Europe Plc18Landesbank Baden-Württemberg
3Deutsche Bank AG19Nordea Bank Abp
4BNP Paribas S.A. 20ABN AMRO Bank N.V. 
5Morgan Stanley Europe SE21Jefferies GmbH
6Crédit Agricole Corporate and Investment Bank22Bayerische Landesbank
7NatWest Markets N.V.23Landesbank Hessen-Thüringen
8Bank of America (BofA) Securities Europe S.A.24Norddeutsche Landesbank
9Commerzbank AG25Scotiabank (Ireland) Designated Activity Company 
10Barclays Bank Ireland PLC26Mizuho Securities Europe GmbH
11Goldman Sachs Bank Europe SE27UBS Europe SE
12Danske Bank A/S28Coöperatieve Rabobank U.A.
13DZ Bank AG 29DekaBank
14HSBC Continental Europe 30Natixis
15Société Générale S.A.31ODDO BHF SE
16Nomura Financial Products Europe GmbH32Intesa Sanpaolo S.p.A.

New inclusion during the year Citadel Securities GCS (Ireland) Limited, Dublin as at 1 October 2024, therefore no ranking information

Weighting Factors

The ranking takes into account the allocations in the auctions, weighted by remaining maturities of the Federal securities, according to the announcement of December 10, 2020:

InstrumentRemaining time to maturityWeighting factor
Money market3 months  0.25
 6 months  0.5
 9 months  0.75
 12 months  1
Capital market> 1 to 3 years  2
 > 3 to 8 years  5
 > 8 to 12 years10
 > 12 to 17 years15
 > 17 to 24 years20
 > 24 to 35 years30

The weighting factors apply to both nominal and green Federal securities in the relevant maturity segment.