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.
Member List Bund Issues Auction Group
As of 1 April 2025, the current number of credit institutions in the auction group is 33.
Download of the current list of the members of the Bund Issues Auction Group
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 ranking of the group members is shown in the table below. It is based on the allocation amounts assumed by members at the end of the first half year of 2025 and weighted according to the capital commitment period and interest rate risk.
Ranking of members at the end of the first half year 2025
| 1 | Barclays Bank Ireland PLC | 17 | Danske Bank A/S |
| 2 | Deutsche Bank AG | 18 | UniCredit SpA |
| 3 | J.P. Morgan SE | 19 | Landesbank Baden-Württemberg |
| 4 | NatWest Markets N.V. | 20 | DekaBank |
| 5 | Citibank Europe Plc | 21 | HSBC Continental Europe |
| 6 | Morgan Stanley Europe SE | 22 | Scotiabank (Ireland) Designated Activity Company |
| 7 | Commerzbank AG | 23 | Landesbank Hessen-Thüringen |
| 8 | Goldman Sachs Bank Europe SE | 24 | Jefferies GmbH |
| 9 | Bank of America (BofA) Securities Europe S.A. | 25 | Bayerische Landesbank |
| 10 | Crédit Agricole Corporate and Investment Bank | 26 | Norddeutsche Landesbank |
| 11 | Société Générale S.A. | 27 | Intesa Sanpaolo S.p.A. |
| 12 | Citadel Securities GCS (Ireland) Limited, Dublin | 28 | Coöperatieve Rabobank U.A. |
| 13 | DZ Bank AG | 29 | UBS Europe SE |
| 14 | BNP Paribas S.A. | 30 | Nordea Bank Abp |
| 15 | Nomura Financial Products Europe GmbH | 31 | Natixis |
| 16 | ABN AMRO Bank N.V. | 32 | Mizuho Bank Europe N.V.* |
* Transfer of membership from Mizuho Securities Europe GmbH Frankfurt am Main with effect from 7 April 2025 | |||
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 green Federal securities in the relevant maturity segment.