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.
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 calendar year 2023 and weighted according to the capital commitment period and interest rate risk.
Ranking of the 32 members as of year-end 2023
|1||Nomura Financial Products Europe GmbH||17||UniCredit Bank AG|
|2||Deutsche Bank AG||18||Nordea Bank Abp|
|3||J.P. Morgan SE||19||DekaBank|
|4||BNP Paribas S.A.||20||Landesbank Hessen-Thüringen|
|5||Bank of America (BofA) Securities Europe S.A.||21||Jefferies GmbH|
|7||NatWest Markets N.V.||23||Scotiabank (Ireland) Designated Activity Company|
|8||Barclays Bank Ireland PLC||24||Intesa Sanpaolo S.p.A.|
|9||Crédit Agricole Corporate and Investment Bank||25||UBS Europe SE|
|10||Morgan Stanley Europe SE||26||Norddeutsche Landesbank|
|11||Citigroup Global Markets Europe AG||27||Mizuho Securities Europe GmbH|
|12||Goldman Sachs Bank Europe SE||28||Bayerische Landesbank|
|13||Danske Bank A/S||29||Landesbank Baden-Württemberg|
|14||HSBC Continental Europe||30||Coöperatieve Rabobank U.A.|
|15||DZ Bank AG||31||ABN AMRO Bank N.V.|
|16||Société Générale S.A.||32||ODDO BHF SE|
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|
|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.