• The Japanese lender rises from 17th position last year
  • BNP Paribas, Commerzbank take second and third spots

Nomura International, a unit of Japan’s biggest brokerage, jumped to first place from 17th as Germany’s top primary dealer of government bonds in the first half of 2016, according to the Federal Finance Agency.

Commerzbank AG, the top dealer among members of Germany’s so-called Auction Group the whole of last year, came third after BNP Paribas SA. Goldman Sachs Group Inc., HSBC Holdings Plc and Deutsche Bank AG took the fourth, fifth and sixth places. Germany’s bond market is the euro region’s second-largest after Italy’s.

The ascent of Nomura to Germany’s top spot as a primary dealer coincides with data showing Japanese investors have increased purchases of foreign assets. Net outflows of funds into overseas bonds and equities in the week ending June 24 reached 2.95 trillion yen ($30 billion), according to Societe Generale SA.

“Asian and international clients are now increasingly becoming some of the largest holders of European government bonds,” said Philipp de Cassan, head of euro flow rates trading at Nomura in London. “We aim to continue our client focus, connecting our Asian and international clients to primary dealership products.”

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