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 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

1Nomura Financial Products Europe GmbH17UniCredit Bank AG
2Deutsche Bank AG18Nordea Bank Abp
3J.P. Morgan SE19DekaBank
4BNP Paribas S.A.20Landesbank Hessen-Thüringen
5Bank of America (BofA) Securities Europe S.A.21Jefferies GmbH
6Commerzbank AG22Natixis
7NatWest Markets N.V.23Scotiabank (Ireland) Designated Activity Company
8Barclays Bank Ireland PLC24Intesa Sanpaolo S.p.A.
9Crédit Agricole Corporate and Investment Bank25UBS Europe SE
10Morgan Stanley Europe SE26Norddeutsche Landesbank
11Citigroup Global Markets Europe AG27Mizuho Securities Europe GmbH
12Goldman Sachs Bank Europe SE28Bayerische Landesbank
13Danske Bank A/S29Landesbank Baden-Württemberg
14HSBC Continental Europe30Coöperatieve Rabobank U.A.
15DZ Bank AG31ABN AMRO Bank N.V.
16Société Générale S.A.32ODDO BHF SE

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 green Federal securities in the relevant maturity segment.