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.
Member List Bund Issues Auction Group
As of 1 April 2025, the current number of credit institutions in the auction group is 33.
Download of the current list of the members of the Bund Issues Auction Group
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 ranking of the group members is shown in the table below. It is based on the allocation amounts assumed by members at the end of the year 2025 and weighted according to the capital commitment period and interest rate risk.
Ranking of members at the end of the year 2025
| 1 | J.P. Morgan SE | 17 | ABN AMRO Bank N.V. |
| 2 | Citibank Europe Plc | 18 | UniCredit SpA |
| 3 | Morgan Stanley Europe SE | 19 | Landesbank Baden-Württemberg |
| 4 | Deutsche Bank AG | 20 | DekaBank |
| 5 | NatWest Markets N.V. | 21 | HSBC Continental Europe |
| 6 | Barclays Bank Ireland PLC | 22 | Bayerische Landesbank |
| 7 | Commerzbank AG | 23 | Landesbank Hessen-Thüringen |
| 8 | BNP Paribas S.A. | 24 | Jefferies GmbH |
| 9 | Bank of America (BofA) Securities Europe S.A. | 25 | Scotiabank (Ireland) Designated Activity Company |
| 10 | Citadel Securities GCS (Ireland) Limited, Dublin | 26 | Norddeutsche Landesbank |
| 11 | Goldman Sachs Bank Europe SE | 27 | Intesa Sanpaolo S.p.A. |
| 12 | Société Générale S.A. | 28 | Natixis |
| 13 | DZ Bank AG | 29 | Coöperatieve Rabobank U.A. |
| 14 | Crédit Agricole Corporate and Investment Bank | 30 | UBS Europe SE |
| 15 | Nomura Financial Products Europe GmbH | 31 | Nordea Bank Abp |
| 16 | Danske Bank A/S | 32 | Mizuho Bank Europe N.V.* |
* Transfer of membership from Mizuho Securities Europe GmbH Frankfurt am Main with effect from 7 April 2025 | |||
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 (valid from 01/01/2021):
| Instrument | Remaining time to maturity | Weighting factor |
|---|---|---|
| Money market | 3 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 years | 10 | |
| > 12 to 17 years | 15 | |
| > 17 to 24 years | 20 | |
| > 24 to 35 years | 30 |
The weighting factors apply to both nominal and green Federal securities in the relevant maturity segment.