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:

All credit institutions with a registered office in one of the member states of the European Union (EU), the EEA or Switzerland may become members of the Bund Issues Auction Group

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

The names of the auction group members are published every six months in ranking lists based on their allotments in the auctions. The individual issues are weighted according to their capital commitment period

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 first half 20221

1BNP Paribas S.A.18ABN AMRO Bank N.V.
2Barclays Bank Ireland PLC19Landesbank Hessen-Thüringen
3Deutsche Bank AG20DekaBank
4J.P. Morgan SE²21UniCredit Bank AG
5Commerzbank AG22Mizuho Securities Europe GmbH
6Bank of America (BofA) Securities Europe SA23Landesbank Baden-Württemberg
7Crédit Agricole Corporate and Investment Bank24Norddeutsche Landesbank
8Citigroup Global Markets Europe AG25Natixis
9Morgan Stanley Europe SE26Coöperatieve Rabobank U.A.
10Nomura Financial Products Europe GmbH27Nordea Bank Abp
11HSBC Continental Europe28UBS Europe SE
12Goldman Sachs Bank Europe SE29ODDO BHF AG
13NatWest Markets N.V.30Jefferies GmbH
14DZ Bank AG31Bayerische Landesbank
15Danske Bank A/S---Hauck Aufhäuser Lampe Privatbank AG³
16Société Générale S.A.---Scotiabank (Ireland) Designated Activity Company4
17Intesa Sanpaolo S.p.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:

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 inflation-linked Federal securities in the relevant maturity segment.