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) or Switzerland, and fulfil the requirements of the "Auction rules for the issue of German Federal securities"Furthermore, the "Special terms and conditions of the Deutsche Bundesbank for auctions of German Federal securities using the Bund Bidding System" must be accepted.

In principle, any credit or securities trading institution or investment firm domiciled in the EU, the EEA or Switzerland 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.


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.

The following 36 credit institutions are currently members of the Bund Issues Auction Group. Their rankings correspond to the weighted amounts allotted in the first half-year 2019.

1 BNP Paribas 19 Société Générale
2 HSBC 20 Rabobank
3 Commerzbank 21 NatWest
4 Danske Bank 22 DekaBank
5 Goldman Sachs 23 ABN AMRO
6 Deutsche Bank 24 Helaba
7 UniCredit 25 Bayerische Landesbank
8 Crédit Agricole 26 Mizuho
9 J.P.Morgan 27 Landesbank Baden-Württemberg
10 BofA 28 Scotiabank
11 Citigroup 29 Natixis
12 Barclays 30 ING
13 DZ Bank 31 Norddeutsche Landesbank
14 Banca IMI 32 Banco Bilbao Vizcaya Argentaria
15 Jefferies 33 Bankhaus Lampe
16 Nomura 34 Nordea
17 Morgan Stanley 35 Oddo BHF
18 UBS 36 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