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
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
07/01/2025 09/01/2025 13/01/2025 BE0312800726 08/05/2025    
      BE0312801732   10/07/2025  
      BE0312807796     11/12/2025
14/01/2025 16/01/2025 20/01/2025 BE0312800726 08/05/2025    
      BE0312808802     15/01/2026
04/02/2025 06/02/2025 10/02/2025 BE0312800726 08/05/2025    
      BE0312805774   14/08/2025  
      BE0312808802     15/01/2026
11/02/2025 13/02/2025 17/02/2025 BE0312800726 08/05/2025    
      BE0312809818     12/02/2026
04/03/2025 06/03/2025 10/03/2025 BE0312801732 10/07/2025    
      BE0312802748   11/09/2025  
      BE0312809818     12/02/2026
11/03/2025 13/03/2025 17/03/2025 BE0312801732 10/07/2025    
      BE0312810824     12/03/2026
01/04/2025 03/04/2025 07/04/2025 BE0312801732 10/07/2025    
      BE0312806780   16/10/2025  
      BE0312810824     12/03/2026
08/04/2025 10/04/2025 14/04/2025 BE0312801732 10/07/2025    
      BE0312811830     09/04/2026
06/05/2025 08/05/2024 12/05/2024 BE0312805774 14/08/2025    
      BE0312803753   13/11/2025  
      BE0312811830     09/04/2026
13/05/2025 15/05/2025 19/05/2025 BE0312805774 14/08/2025    
      BE0312812846     14/05/2026
03/06/2025 05/06/2025 09/06/2025 BE0312802748 11/09/2025    
      BE0312807796   11/12/2025  
      BE0312812846     14/05/2026
10/06/2025 12/06/2025 16/06/2025 BE0312802748 11/09/2025    
      BE0312813851     11/06/2026
01/07/2025 03/07/2025 07/07/2025 BE0312806780 16/10/2025    
      BE0312808802   15/01/2026  
      BE0312813851     11/06/2026
08/07/2025 10/07/2025 14/07/2025 BE0312806780 16/10/2025    
      BE0312814867     09/07/2026
05/08/2025 07/08/2025 11/08/2025 BE0312803753 13/11/2025    
      BE0312809818   12/02/2026  
      BE0312814867     09/07/2026
12/08/2025 14/08/2025 18/08/2025 BE0312803753 13/11/2025    
      BE0312815872     13/08/2026
02/09/2025 04/09/2025 08/09/2025 BE0312807796 11/12/2025    
      BE0312810824   12/03/2026  
      BE0312815872     13/08/2026
09/09/2025 11/09/2025 15/09/2025 BE0312807796 11/12/2025    
      BE0312816888     10/09/2026
07/10/2025 09/10/2025 13/10/2025 BE0312808802 15/01/2026    
      BE0312811830   09/04/2026  
      BE0312816888     10/09/2026
14/10/2025 16/10/2025 20/10/2025 BE0312808802 15/01/2026    
      BE0312817894     15/10/2026
04/11/2025 06/11/2025 10/11/2025 BE0312809818 12/02/2026    
      BE0312812846   14/05/2026  
      BE0312817894     15/10/2026
11/11/2025 13/11/2025 17/11/2025 BE0312809818 12/02/2026    
      BE0312818900     12/11/2026
02/12/2025 04/12/2025 08/12/2025 BE0312810824 12/03/2026    
      BE0312813851   11/06/2026  
      BE0312818900     12/11/2026
09/12/2025 11/12/2025 15/12/2025 BE0312810824 12/03/2026    
      BE0312819916     10/12/2026

(*) cash line (no nc)