Funding plans

In line with established market practice and as part of its unified funding approach, the Commission publishes on a regular basis:

• An annual borrowing decision
• Semi-annual funding plans

The annual borrowing decision and the funding plan are key to ensure sound financial management, accountability and transparency in the implementation of EU's debt management operations.

The annual borrowing decision lays out the maximum amount of borrowing the Commission can execute in a given year. The semi-annual funding plan sets out the Commission's indicative issuance calendar and expected total issuance volumes for the forthcoming 6 months.

As part of its open and transparent communication to markets, the Commission publishes a quarterly newsletter updating investors of the latest developments in its borrowing and lending activities.

Annual borrowing decision

The annual borrowing decision sets a maximum ceiling on the borrowing operations the Commission can plan over a period of one year.

It also sets a range for maximum issuance amounts of long-term and short-term funding, limits for the repurchase transactions, the maximum average maturity of the EU's long-term funding and limits on the amount the Commission can issue in a single transaction.

Semi-annual funding plans

The Commission's 6-monthly funding plans map its planned borrowing in the coming 6 months, within the limits of the annual borrowing decision. Through its funding plans, the Commission manages market expectations and makes sure it can raise the necessary funds to cover its relevant payment needs.

To ensure predictability, the Commission regularly communicates key elements of the funding plan to market participants. In particular, the Commission publishes on a regular basis:

• The targeted amounts to be financed by EU-Bonds;
• The number and timing of the expected syndicated transactions;
• The target auction dates for EU-Bonds and EU-Bills issuances.

Latest funding plan

On 23 June 2025, the European Commission issued its semi-annual funding plan for the 6 months from July to end-December 2025. The Commission intends to issue up to €70 billion in EU-Bonds over the period, complemented by short-term funding. The funding plan builds on the H1 2025 funding plan of €90 billion, bringing the total planned bond issuance volume for 2025 to around €160 billion.

Issuances will be executed under the unified funding approach, whereby the Commission issues single branded EU-Bonds, and internally allocates the proceeds according to the needs of the various policy programmes funded through bond issuances.

 

EU-Bonds

• The European Commission intends to issue €70 billion of EU-Bonds between July and December 2025.
• The Commission will raise these funds over the six EU-Bond auctions and four syndicated transactions planned during the period.  
• EU-Bonds will be issued using benchmark maturities from 3 to 30 years, with tap transactions and new lines, using auctions and syndications. The maturities for the new lines will depend on market conditions and the intention to bring liquidity to the curve where needed (with a preliminary focus on 5y, 7y, 15y and 30y).
• EU-Bonds auctions will continue to be multi-bond auctions, including 3-leg auctions. In addition, the Commission will introduce (as of autumn 2025 – exact date to be confirmed) non-competitive auction allocations 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.
• The funds raised will be used to meet payments related to NextGenerationEU and other policy programmes financed by EU-Bonds (including support to Ukraine, the Reform and Growth Facility for the Western Balkans and Macro Financial Assistance programmes).
• NextGeneration EU Green Bond issuances will remain closely calibrated to reported green expenditure from Member States, financing the green component of the Recovery and Resilience Facility. Subject to the notification and validation of Member States’ expenditures, NGEU Green Bond issuances will take place via tapping of existing bonds to support the liquidity of these lines before launching a new line.

EU-Bills

• The Commission will issue EU-Bills using 3-month, 6-month and 12-month tenors.
• 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.

Issuance calendar

Issuance weeks for EU-Bonds syndicated transactions:

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.

The next funding plan, which will cover the period from January to June 2026, will be published in December 2025

Past funding plans

Documents

All documents linked to the EU unified funding approach are available in the documents' section of our website.