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 32. The current ranking of the group members is shown in the table below. It is based on the allocation amounts assumed by members in the first half of 2022 and weighted according to the capital commitment period and interest rate risk.
Ranking of the 32 members as of the end of 20221
| 1 | J.P. Morgan SE² | 18 | Intesa Sanpaolo S.p.A. |
| 2 | BNP Paribas S.A. | 19 | UniCredit Bank AG |
| 3 | Barclays Bank Ireland PLC | 20 | DekaBank |
| 4 | Deutsche Bank AG | 21 | Landesbank Hessen-Thüringen |
| 5 | Commerzbank AG | 22 | Mizuho Securities Europe GmbH |
| 6 | Bank of America (BofA) Securities Europe SA | 23 | Natixis |
| 7 | Crédit Agricole Corporate and Investment Bank | 24 | Norddeutsche Landesbank |
| 8 | Citigroup Global Markets Europe AG | 25 | Landesbank Baden-Württemberg |
| 9 | HSBC Continental Europe | 26 | UBS Europe SE |
| 10 | Goldman Sachs Bank Europe SE | 27 | Nordea Bank Abp |
| 11 | Nomura Financial Products Europe GmbH | 28 | Coöperatieve Rabobank U.A. |
| 12 | Morgan Stanley Europe SE | 29 | Jefferies GmbH |
| 13 | NatWest Markets N.V. | 30 | ODDO BHF SE |
| 14 | DZ Bank AG | 31 | Bayerische Landesbank |
| 15 | Danske Bank A/S | --- | Hauck Aufhäuser Lampe Privatbank AG³ |
| 16 | ABN AMRO Bank N.V. | --- | Scotiabank (Ireland) Designated Activity Company4 |
| 17 | Société Générale S.A. |
1 ranking on basis of weighted allotments in first half of 2022
2 Consolidation into legal structure SE
3 Withdrew from the Bund Issues Auction Group at own request at the beginning of 2022, therefore no ranking reported
4 Inclusion during the year as of 1 April 2022, therefore no ranking reported
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 inflation-linked Federal securities in the relevant maturity segment.