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Auctions

Since September 2021, the Commission has been using auctions, in addition to syndications, to raise funds on capital markets. The Commission is auctioning both its EU-Bills and its EU-Bonds.

The Commission is using the auction platform TELSAT by Banque de France to carry out its auctions.

Structure of the auction programme

EU-Bills

The Commission issues EU-Bills exclusively via auctions. The EU-Bills programme has the following parameters:

  • EU-Bills with 3-month, 6-month and (as of January 2025) 12-month tenors following a pattern of two bill auctions per month (as a general rule on the first and third Wednesday).
  • New 6-month and 12-month lines will be issued during the first auction of the month, while the second auction of the month will be used to tap already outstanding EU-Bills (as of H2 2025, previously issued 12-month lines will be used to tap the 6-month bucket as per issuance pattern established since 2021 on 3-month and 6-month lines).

EU-Bonds

In the first half of 2025, the Commission will continue to auction EU-Bonds:

  • Between January and end June 2025 the Commission plans to execute 7 bond auctions.
  • Bond auctions can be single- or multi-bond auctions (including 3-leg auctions as of Q2 2025) and will be used to tap existing bonds or to issue new bonds.
     

The Commission is working towards introducing non-competitive auction allocations (“greenshoe option”) in H2 2025, allowing for the allocation of additional amounts of auctioned bonds in the immediate aftermath of an auction. 
 

Auction calendar

See below the auction calendar for the first half of 2025, based on the latest funding plan.

EU-Bonds auction dates:

Week 5Monday 27 January
Week 9Monday 24 February
Week 13Monday 24 March
Week 18Monday 28 April
Week 21Monday 19 May
Week 23Monday 2 June
Week 26Monday 23 June

EU-Bills auction dates:

Wednesday 8 January(tap 3m, new 6m, new 12m)
Wednesday 22 January(tap 3m, tap 6m, tap 12m)
Wednesday 5 February(tap 3m, new 6m, new 12m)
Wednesday 19 February(tap 3m, tap 6m, tap 12m)
Wednesday 5 March(tap 3m, new 6m, new 12m)
Wednesday 19 March(tap 3m, tap 6m, tap 12m)
Wednesday 2 April(tap 3m, new 6m, new 12m)
Wednesday 16 April(tap 3m, tap 6m, tap 12m)
Wednesday 7 May(tap 3m, new 6m, new 12m)
Wednesday 21 May(tap 3m, tap 6m, tap 12m)
Wednesday 4 June(tap 3m, new 6m, new 12m)
Wednesday 18 June(tap 3m, tap 6m, tap 12m)

*The calendar information is indicative and transactions might be cancelled or additional transactions may be executed.

Latest news

Past auctions

 

More news

Transactions data

The Commission started issuing NextGenerationEU EU-Bonds and EU-Bills via auctions in September 2021. For an overview of the transactions completed to date, click here.