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 15 December 2025, the European Commission issued its semi-annual funding plan for the 6 months from January to end-June 2026. The Commission intends to issue up to €90 billion in EU-Bonds over the period, complemented by short-term funding. 

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 €90 billion of long-term EU-Bonds between January and end-June 2026.
• The Commission has planned six EU-Bonds auctions and six syndicated transactions between January and end-June 2026.  
• 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 3y, 7y, 10y and 20y).
• EU-Bond auctions will continue to be 3-leg auctions complemented by non-competitive offers to EU Primary Dealers the day following the bond auction, allowing for the allocation of additional amounts of auctioned bonds (maximum 20 %).  
• The funds raised will be used to meet payments related to NextGenerationEU, SAFE 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).
• Tracking closely green expenditures reported by Member States, the Commission will continue to issue NextGenerationEU Green Bonds to finance the green component of the Recovery and Resilience Facility. NextGenerationEU Green Bond issuances in H1 2026 are expected to take place via tapping of existing bonds.

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 6-month and 3-month buckets.
• Auctions for EU-Bills will typically take place twice per month, on the first and third Wednesdays of the month, except for April (when second and fourth Wednesdays will be used).

Issuance calendar

Issuance weeks for EU-Bonds syndicated transactions:

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.

The next funding plan, which will cover the period from July to end-December 2026, will be published in June 2026.

Past funding plans

Documents

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