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 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
| 1 | J.P. Morgan SE | 17 | UniCredit SpA |
| 2 | Citibank Europe Plc | 18 | Landesbank Baden-Württemberg |
| 3 | Deutsche Bank AG | 19 | Nordea Bank Abp |
| 4 | BNP Paribas S.A. | 20 | ABN AMRO Bank N.V. |
| 5 | Morgan Stanley Europe SE | 21 | Jefferies GmbH |
| 6 | Crédit Agricole Corporate and Investment Bank | 22 | Bayerische Landesbank |
| 7 | NatWest Markets N.V. | 23 | Landesbank Hessen-Thüringen |
| 8 | Bank of America (BofA) Securities Europe S.A. | 24 | Norddeutsche Landesbank |
| 9 | Commerzbank AG | 25 | Scotiabank (Ireland) Designated Activity Company |
| 10 | Barclays Bank Ireland PLC | 26 | Mizuho Securities Europe GmbH |
| 11 | Goldman Sachs Bank Europe SE | 27 | UBS Europe SE |
| 12 | Danske Bank A/S | 28 | Coöperatieve Rabobank U.A. |
| 13 | DZ Bank AG | 29 | DekaBank |
| 14 | HSBC Continental Europe | 30 | Natixis |
| 15 | Société Générale S.A. | 31 | ODDO BHF SE* |
| 16 | Nomura Financial Products Europe GmbH | 32 | Intesa Sanpaolo S.p.A. |
New inclusion during the year Citadel Securities GCS (Ireland) Limited, Dublin as at 1 October 2024, therefore no ranking information *left the bidding group at its own request at the end of 2024. New inclusion during the year Banco Santander S.A., Madrid as at 1 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:
| 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.