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:

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 first half of 2023 and weighted according to the capital commitment period and interest rate risk.

Ranking of the 32 members as of 1st half-year 2023

1Nomura Financial Products Europe GmbH17UniCredit Bank AG
2J.P. Morgan SE18Landesbank Hessen-Thüringen
3Deutsche Bank AG19DekaBank
4Barclays Bank Ireland PLC20Natixis
5BNP Paribas S.A.21Scotiabank (Ireland) Designated Activity Company
6NatWest Markets N.V.22Jefferies GmbH
7Commerzbank AG23Norddeutsche Landesbank
8Bank of America (BofA) Securities Europe S.A.24Bayerische Landesbank
9Goldman Sachs Bank Europe SE25ABN AMRO Bank N.V.
10Morgan Stanley Europe SE26Intesa Sanpaolo S.p.A.
11Citigroup Global Markets Europe AG27Landesbank Baden-Württemberg
12Crédit Agricole Corporate and Investment Bank28Mizuho Securities Europe GmbH
13Danske Bank A/S29Coöperatieve Rabobank U.A.
14HSBC Continental Europe30UBS Europe SE
16Société Générale S.A.32Nordea Bank Abp

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.