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 a member, applicants must be domiciled in a member state of the European Union (EU), the European Economic Area (EEA), in Switzerland or in the United Kingdom. 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.

36 credit institutions are currently members of the Bund Issues Auction Group. The following ranking corresponds to the weighted amounts allotted in the 1st half-year 2020.

1 HSBC 19 Helaba
2 Commerzbank 20 NatWest
3 Bank of America 21 Rabobank
4 UniCredit 22 Landesbank Baden-Württemberg
5 BNP Paribas 23 Société Générale
6 Deutsche Bank 24 Scotiabank
7 J.P.Morgan 25 Intesa Sanpaolo
8 DZ Bank 26 UBS
9 Goldman Sachs 27 Norddeutsche Landesbank
10 Crédit Agricole 28 Jefferies
11 Barclays 29 ING
12 Danske Bank 30 ABN AMRO
13 Morgan Stanley 31 Bankhaus Lampe
14 Citigroup 32 Natixis
15 Nomura 33 Nordea
16 Mizuho 34 Oddo BHF
17 DekaBank 35 Banco Bilbao Vizcaya Argentaria
18 Bayerische Landesbank   Banco Santander

Weighting factors

For the ranking list, the auction allotments are weighted as last announced on December 10, 2014 according to the remaining time to maturity of German Government securities:

 

InstrumentRemaining time to maturityWeighting factor
Money market instruments3 months  0.25
6 months  0.5
9 months  0.75
12 months  1
Capital market instruments1-3 years  2
3-7 years  5
7-15 years10
15-25 years15
25-35 years20

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 36 members of the Bund Issues Auction Group