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
Tue 07/01/20 Thu 09/01/20 Mon 13/01/20 BE0312770424 14/05/2020    
      BE0312771430   09/07/2020  
Tue 14/01/20 Thu 16/01/20 Mon 20/01/20 BE0312770424 14/05/2020    
      BE0312774467     14/01/2021
Tue 04/02/20 Thu 06/02/20 Mon 10/02/20 BE0312770424 14/05/2020    
Tue 11/02/20 Thu 13/02/20 Mon 17/02/20 BE0312770424 14/05/2020    
      BE0312774467     14/01/2021
Tue 03/03/20 Thu 05/03/20 Mon 09/03/20 BE0312771430 09/07/2020    
      BE0312772446   10/09/2020  
Tue 10/03/20 Thu 12/03/20 Mon 16/03/20 BE0312771430 09/07/2020    
      BE0312775472     11/03/2021
Tue 07/04/20 Thu 09/04/20 Tue 14/04/20 BE0312771430 09/07/2020    
      BE0312773451   12/11/2020  
Tue 14/04/20 Thu 16/04/20 Mon 20/04/20 BE0312771430 09/07/2020    
      BE0312775472     11/03/2021
Tue 05/05/20 Thu 07/05/20 Mon 11/05/20 BE0312772446 10/09/2020    
      BE0312773451   12/11/2020  
Tue 12/05/20 Thu 14/05/20 Mon 18/05/20 BE0312772446 10/09/2020    
      BE0312776488     13/05/2021
Tue 02/06/20 Thu 04/06/20 Mon 08/06/20 BE0312772446 10/09/2020    
      BE0312774467   14/01/2021  
Tue 09/06/20 Thu 11/06/20 Mon 15/06/20 BE0312772446 10/09/2020    
      BE0312776488     13/05/2021
Tue 07/07/20 Thu 09/07/20 Mon 13/07/20 BE0312773451 12/11/2020    
      BE0312774467   14/01/2021  
Tue 14/07/20 Thu 16/07/20 Mon 20/07/20 BE0312773451 12/11/2020    
      BE0312777494     15/07/2021
Tue 04/08/20 Thu 06/08/20 Mon 10/08/20 BE0312773451 12/11/2020    
      BE0312775472   11/03/2021  
Tue 11/08/20 Thu 13/08/20 Mon 17/08/20 BE0312773451 12/11/2020    
      BE0312777494     15/07/2021
Tue 01/09/20 Thu 03/09/20 Mon 07/09/20 BE0312774467 14/01/2021    
      BE0312775472   11/03/2021  
Tue 08/09/20 Thu 10/09/20 Mon 14/09/20 BE0312774467 14/01/2021    
      BE0312778500     09/09/2021
Tue 06/10/20 Thu 08/10/20 Mon 12/10/20 BE0312774467 14/01/2021    
      BE0312776488   13/05/2021  
Tue 13/10/20 Thu 15/10/20 Mon 19/10/20 BE0312774467 14/01/2021    
      BE0312778500     09/09/2021
Tue 03/11/20 Thu 05/11/20 Mon 09/11/20 BE0312775472 11/03/2021    
      BE0312776488   13/05/2021  
Tue 10/11/20 Thu 12/11/20 Mon 16/11/20 BE0312775472 11/03/2021    
      BE0312779516     11/11/2021
Tue 01/12/20 Thu 03/12/20 Mon 07/12/20 BE0312775472 11/03/2021    
      BE0312777494   15/07/2021  
Tue 08/12/20 Thu 10/12/20 Mon 14/12/20 BE0312775472 11/03/2021    
      BE0312779516     11/11/2021