WHAT ARE TREASURY CERTIFICATES?
Treasury Certificates are :
- short-term bills with maturities up tomaximum one year
- denominated in euro
- issued through auctions
- book entry securities registered in the clearing system of the National Bank of Belgium (Clearing NBB), which can be accessed by Euroclear & Clearstream. They can also take the form of registered entries in the Ledger of the Public Debt.
FOR WHO ARE THEY INTENDED ?
Being standardised securities, Treasury Certificates are very attractive to the professional investor looking for a liquid and safe investment. Private investors may also buy Treasury Certificates and they can do so through the secondary market.
WHAT IS THE ROLE OF THE PRIMARY DEALERS AND THE RECOGNIZED DEALERS REGARDING THE TREASURY CERTIFICATES?
The placing of the Treasury Certificates and the liquidity on the secondary market are ensured by a body of Primary Dealers and Recognized Dealers. Only primary dealers and recognized dealers are entitled to participate in the auctions.
WHEN ARE THEY ISSUED?
The auctions take place, in principle, twice a month for 3 and 6 or 3 and 12 month certificates.