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
04/01/2022 06/01/2022 10/01/2022 BE0312782544 12/05/2022    
      BE0312783559   14/07/2022  
11/01/2022 13/01/2022 17/01/2022 BE0312782544 12/05/2022    
      BE0312786586     12/01/2023
01/02/2022 03/02/2022 07/02/2022 BE0312782544 12/05/2022    
08/02/2022 10/02/2022 14/02/2022 BE0312782544 12/05/2022    
      BE0312786586     12/01/2023
01/03/2022 03/03/2022 07/03/2022 BE0312783559 14/07/2022    
      BE0312784565   08/09/2022  
08/03/2022 10/03/2022 14/03/2022 BE0312783559 14/07/2022    
      BE0312787592     09/03/2023
05/04/2022 07/04/2022 11/04/2022 BE0312783559 14/07/2022    
12/04/2022 14/04/2022 20/04/2022 BE0312783559 14/07/2022    
      BE0312787592     09/03/2023
03/05/2022 05/05/2022 09/05/2022 BE0312784565 08/09/2022    
      BE0312785570   10/11/2022  
10/05/2022 12/05/2022 16/05/2022 BE0312784565 08/09/2022    
      BE0312788608     11/05/2023
07/06/2022 09/06/2022 13/06/2022 BE0312784565 08/09/2022    
14/06/2022 16/06/2022 20/06/2022 BE0312784565 08/09/2022    
      BE0312788608     11/05/2023
05/07/2022 07/07/2022 11/07/2022 BE0312785570 10/11/2022    
      BE0312786586   12/01/2023  
12/07/2022 14/07/2022 18/07/2022 BE0312785570 10/11/2022    
      BE0312789614     13/07/2023
02/08/2022 04/08/2022 08/08/2022 BE0312785570 10/11/2022    
09/08/2022 11/08/2022 15/08/2022 BE0312785570 10/11/2022    
      BE0312789614     13/07/2023
06/09/2022 08/09/2022 12/09/2022 BE0312786586 12/01/2023    
      BE0312787592   09/03/2023  
13/09/2022 15/09/2022 19/09/2022 BE0312786586 12/01/2023    
      BE0312790620     14/09/2023
04/10/2022 06/10/2022 10/10/2022 BE0312786586 12/01/2023    
11/10/2022 13/10/2022 17/10/2022 BE0312786586 12/01/2023    
      BE0312790620     14/09/2023
01/11/2022 03/11/2022 07/11/2022 BE0312787592 09/03/2023    
      BE0312788608   11/05/2023 .
08/11/2022 10/11/2022 14/11/2022 BE0312787592 09/03/2023    
      BE0312791636     09/11/2023
06/12/2022 08/12/2022 12/12/2022 BE0312787592 09/03/2023    
13/12/2022 15/12/2022 19/12/2022 BE0312787592 09/03/2023    
      BE0312791636     09/11/2023