 WHAT
ARE TREASURY CERTIFICATES ?
Treasury Certificates are :
-
short-term bills with maturities up to maximum one year ;
-
denominated in euro
-
issued through auctions based on interest rates, by means of
competitive bidding as well as of non-competitive subscriptions. The auctions
normally take place twice a month. Either 3 and 6 month or 3 and 12 month
certificates are issued at an auction;
-
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 well suited for the professional investor looking for a
liquid and safe investment. Private investors may also have an interest
in buying 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 is
ensured by a body of Primary
Dealers
en
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. |
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