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, all credit institutions and investment firms domiciled in the EU, the EEA or Switzerland may become members of the Bund Issues Auction Group.

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.

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 allotted share of the weighted issuance volume.

32 institutions are currently members of the Bund Issues Auction Group. The following ranking corresponds to the weighted amounts allotted in 2021.

1 BNP Paribas 17 Helaba
2 J.P. Morgan 18 DekaBank
3 Commerzbank 19 Nordea
4 Bank of America 20 Société Générale
5 Deutsche Bank 21 ABN AMRO
6 Citigroup 22 Mizuho
7 Crédit Agricole 23 Landesbank Baden-Württemberg
8 Goldman Sachs 24 Norddeutsche Landesbank
9 HSBC 25 NatWest
10 UniCredit 26 Natixis
11 Barclays 27 UBS
12 DZ Bank 28 Rabobank
13 Danske Bank 29 Jefferies
14 Morgan Stanley 30 Bayerische Landesbank
15 Intesa Sanpaolo 31 ODDO BHF
16 Nomura 32 Scotiabank (Ireland) (from April 1, 2022)

Weighting factors

For the ranking, the auction allotments will be weighted as announced on 10 December 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 apply to both nominal and inflation-linked German Government securities of the corresponding segment.

List of the current 32 members of the Bund Issues Auction Group