Treasury Certificates (TC)

	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.