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 12-month tenors following a pattern of two bill auctions per month (as a general rule on the first and third Wednesday).
• New 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 issuances. Previously issued 12-month lines will be used to tap the 6-month and 3-month buckets.

EU-Bonds

In the first half of 2026, the Commission will continue to auction EU-Bonds:

• Between January to end-June 2026 the Commission plans to execute 6 bond auctions.
• Bond auctions will be 3-leg auctions. 

The Commission will continue using non-competitive auction allocation to EU Primary Dealers, allowing for the allocation of additional amounts of auctioned bonds (20 % of initially allocated auction volume) the day following the bond auction.
 

Auction calendar

See below the auction calendar for the first half of 2026, based on the latest funding plan.

EU-Bonds auction dates:

Note: Non-competitive offers take place the Tuesday following each EU-Bond auction.

EU-Bills auction dates:

The calendar information is indicative and transactions may 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.