Auction procedure

The auction procedure is used for issuing Federal bonds, five-year Federal notes, Federal Treasury notes and Treasury discount paper. The terms of each Federal security to be issued by auction are published. Only members of the Bund Issues Auction Group are authorised to bid in auctions.

• Members of the Bund Issues Auction Group
• Ranking list
• Auction rules for the issue of German Federal Securities

Announcements, Invitations to bid and Auction results of Federal securities to be issued by auction can be found under Press releases.

The former Automatic Bidding System (ABS) used for the procession of auctions of Federal securities was replaced by the new auction platform Bund Bidding System (BBS) on 1 April 2005.