- 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.
|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 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.
|Auction||ONC +||NCs +||ISIN Code||Short||Medium||Long|