Treasury Certificates (TC)

  • The Treasury of the Kingdom of Belgium issues, in principle, twice a month on a Tuesday, Treasury Certificates at 3 and 6 or at 3 and 12 months by means of competitive bidding.
  • Auctions for Treasury Certificates are based on the interest rates offered by the bidders.
  • Bids must be at least EUR 10 000 000 and a multiple of EUR 1 000 000.
  • The Treasury determines a limit rate. All bids submitted at rates lower than this limit rate are allocated for their full amount.
  • Allocations in response to bids submitted at the limit rate chosen by the Treasury may be proportionally scaled down. The amounts thus reduced are rounded up to the next tranche of EUR 1 000 000 with a minimum of EUR 10 000 000 per bid.
  Date Settlement
TC auctions T T+2
Ordinary non-competitive subscriptions T+2 T+2
Special non-competitive subscriptions T+4 T+4

T = Auction day

 

T-2 : Invitation to bid

The invitation to bid is announced on the Treasury's pages before 4 pm on the Friday before the auction (T-2).

T : Submission of the bids and results

On the day itself (T), the bids must be submitted between 11:00 and 11:30 AM (CET). The results of the auction are published as quickly as possible a few minutes after cut-off time of the bidding process on the Treasury's pages.

T+2 : Ordinary non-competitive subscriptions

Participating in the ordinary non-competitive subscriptions is a right of the Primary Dealers. These subscriptions take place between 11:00 AM and 11:30 AM (CET) on the second banking day following the auction (T+2). Ordinary non-competitive subscriptions are submitted at the weighted average yield of the auction.

T+4 (in principle on the Monday following T) : Special non-competitive subscriptions

Participating in the special non-competitive subscriptions is also a right of the Primary Dealers. These subscriptions take place between 11:00 AM and 11:30 AM (CET) in principle on the Monday following the auction. Special non-competitive subscriptions are submitted at the weighted average yield of the auction.

Settlement

Settlement of the competitive bids (TC auction) and of the Ordinary non-competitive subscriptions take place on the second Target operating day following the auction (T+2) through the National Bank of Belgium Securities Settlement System (NBB SSS).

Settlement of the special non-competitive subscriptions takes place on the day of their introduction (T+4).

The amount to be paid is the discounted value of the accepted bids calculated on an "actual/360" basis.

The National Bank of Belgium is the paying agent through its NBB SSS.

TCs (Treasury Certificates) > Auction Calendar

Auction ONC + NCs + ISIN Code Short Medium Long
02/01/2024 04/01/2024 08/01/2024 BE0312794663 09/05/2024    
      BE0312795678   11/07/2024  
09/01/2024 11/01/2024 15/01/2024 BE0312794663 09/05/2024    
      BE0312798706     09/01/2025
30/01/2024 01/02/2024 05/02/2024 BE0312794663 09/05/2024    
      BE0312797690   07/11/2024  
06/02/2024 08/02/2024 12/02/2024 BE0312794663 09/05/2024    
      BE0312798706     09/01/2025
05/03/2024 07/03/2024 11/03/2024 BE0312795678 11/07/2024    
12/03/2024 14/03/2024 18/03/2024 BE0312795678 11/07/2024    
      BE0312799712     13/03/2025
02/04/2024 04/04/2024 08/04/2024 BE0312795678 11/07/2024    
      BE0312797690   07/11/2024  
09/04/2024 11/04/2024 15/04/2024 BE0312795678 11/07/2024    
      BE0312799712     13/03/2025
30/04/2024 03/05/2024 07/05/2024 BE0312797690   07/11/2024  
07/05/2024 09/05/2024 13/05/2024 BE0312800726     08/05/2025
04/06/2024 06/06/2024 10/06/2024 BE0312798706   09/01/2025  
11/06/2024 13/06/2024 17/06/2024 BE0312800726     08/05/2025
02/07/2024 04/07/2024 08/07/2024 BE0312797690 07/11/2024    
      BE0312798706   09/01/2025  
09/07/2024 11/07/2024 15/07/2024 BE0312797690 07/11/2024    
      BE0312801732     10/07/2025
30/07/2024 01/08/2024 05/08/2024 BE0312797690 07/11/2024    
06/08/2024 08/08/2024 12/08/2024 BE0312797690 07/11/2024    
      BE0312801732     10/07/2025
03/09/2024 05/09/2024 09/09/2024 BE0312798706 09/01/2025    
      BE0312799712   13/03/2025  
10/09/2024 12/09/2024 16/09/2024 BE0312798706 09/01/2025    
      BE0312802748     11/09/2025
01/10/2024 03/10/2024 07/10/2024 BE0312798706 09/01/2025    
08/10/2024 10/10/2024 14/10/2024 BE0312798706 09/01/2025    
      BE0312802748     11/09/2025
05/11/2024 07/11/2024 11/11/2024 BE0312799712 13/03/2025    
      BE0312800726     08/05/2025
12/11/2024 14/11/2024 18/11/2024 BE0312799712 13/03/2025    
      BE0312803753     13/11/2025
03/12/2024 05/12/2024 09/12/2024 BE0312799712 13/03/2025    
10/12/2024 12/12/2024 16/12/2024 BE0312799712 13/03/2025    
      BE0312803753     13/11/2025