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 6m bucket as per the issuance pattern established since 2021 on 3-month and 6-month lines.

EU-Bonds

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

• Between July to end-September 2025 the Commission plans to execute 6 bond auctions.
• Bond auctions will be multi - bond auctions, including 3-leg auctions. 

As of autumn 2025 (exact date to be confirmed), the Commission will implement 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 second half of 2025, based on the latest funding plan.

EU-Bonds auction dates:

*Indicative non-competitive offers: the following Tuesday.

EU-Bills auction dates:

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.