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 generally be issued during the first auction of the month, while subsequent auctions will generally be used to tap already outstanding issuances. Previously issued 12-month lines will be used to tap the 6-month and 3-month buckets.
- For the second half of 2026, auctions for EU-Bills will typically take place twice per month, except for August, when only one auction is planned, and December, when a second auction is optional.
EU-Bonds
In the second half of 2026, the Commission will continue to auction EU-Bonds:
- Between July and end-December 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:
| Week 29 | Monday 13 July |
| Week 36 | Monday 31 August |
| Week 40 | Monday 28 September |
| Week 44 | Monday 26 October |
| Week 48 | Monday 23 November |
| Week 50 | Monday 7 December |
Note: Non-competitive offers take place the Tuesday following each EU-Bond auction.
EU-Bills auction dates:
| Wednesday 1 July | tap 3m, tap 6m, new 12m |
| Wednesday 15 July | tap 3m, tap 6m, tap 12m |
| Wednesday 5 August | tap 3m, tap 6m, new 12m |
| Wednesday 2 September | tap 3m, tap 6m, new 12m |
| Wednesday 16 September | tap 3m, tap 6m, tap 12m |
| Wednesday 7 October | tap 3m, tap 6m, new 12m |
| Wednesday 21 October | tap 3m, tap 6m, tap 12m |
| Wednesday 4 November | tap 3m, tap 6m, new 12m |
| Wednesday 18 November | tap 3m, tap 6m, tap 12m |
| Wednesday 2 December | tap 3m, tap 6m, new 12m |
| Optional - Wednesday 16 December | tap 3m, tap 6m, tap 12m |
The calendar information is indicative and transactions may be cancelled or additional transactions may be executed.
Latest news
Past auctions
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.