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 German Government securities.

To become and to remain a member, applicants must be domiciled in a member state of the European Union (EU), the European Economic Area (EEA) or in Switzerland. In addition, the requirements of the tender procedure rules must be fulfilled and the conditions of the BBS must be accepted:

Auction rules for the issue of German Federal securities

Special terms and conditions of the Deutsche Bundesbank for auctions of German Federal securities using the Bund Bidding System

In principle, any credit or securities trading institution or investment firm domiciled in the EU, the EEA, Switzerland or UK can become a member of the Bund Issues Auction Group. The membership requirements are structured very liberally.

In structuring its issue process, the Federal Government adopts an overall very liberal approach with respect to the bidding banks. For example, to remain a member of the Auction Group a financial institution must subscribe to at least 0.05% of the total issuance allotted at the auctions in a calendar year weighted according to maturity. Members that do not meet this minimum take-up amount are removed from the group at the end of the year.

Ranking

The names of the bidder banks are published every six months in ranking lists based on their allotments in the auctions. The individual issues are weighted according to the capital lock-up periods.

A ranking list of the members of the Bund Issues Auction Group is published every six months at the end of June and December. It is sorted by the share of the weighted issuance volume allotted without stating any further details.

33 credit institutions are currently members of the Bund Issues Auction Group. The following ranking corresponds to the weighted amounts allotted in the first half-year 2021.

1 BNP Paribas 18 Nomura
2 Commerzbank 19 Société Générale
3 J.P.Morgan 20 Nordea
4 Bank of America 21 NatWest
5 Deutsche Bank 22 Landesbank Baden-Württemberg
6 Crédit Agricole 23 UBS
7 Goldman Sachs 24 Mizuho
8 HSBC 25 Bankhaus Lampe
9 UniCredit 26 Norddeutsche Landesbank
10 Barclays 27 Rabobank
11 Citigroup 28 Bayerische Landesbank
12 DZ Bank 29 ABN AMRO
13 Morgan Stanley 30 Jefferies
14 Danske Bank 31 Oddo BHF
15 Intesa Sanpaolo 32 Natixis
16 DekaBank 33 Banco Santander
17 Helaba    

Weighting factors

For the ranking lists from 2021 onwards, the auction allotments will be weighted as last announced on December 10, 2020 according to the remaining time to maturity of German Government securities:

 

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 more than 1 to 3 years   2
  more than 3 to 8 years   5
  more than 8 to 12 years 10
  more than 12 to 17 years 15
  more than 17 to 24 years 20
  more than 24 to 35 years 30

The weighting factors remain unchanged for at least one year and apply to both nominal and inflation-linked German Government securities of the corresponding remaining time to maturity segment. The weighting factors reflect various capital lock-up and interest rate risks of German Government securities of different maturities.

List of the current 33 members of the Bund Issues Auction Group