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
05/01/2021 07/01/2021 11/01/2021 BE0312776488 13/05/2021    
      BE0312777494   15/07/2021  
12/01/2021 14/01/2021 18/01/2021 BE0312776488 13/05/2021    
      BE0312780522     13/01/2022
02/02/2021 04/02/2021 08/02/2021 BE0312776488 13/05/2021    
09/02/2021 11/02/2021 15/02/2021 BE0312776488 13/05/2021    
      BE0312780522     13/01/2022
02/03/2021 04/03/2021 08/03/2021 BE0312777494 15/07/2021    
      BE0312778500   09/09/2021  
09/03/2021 11/03/2021 15/03/2021 BE0312777494 15/07/2021    
      BE0312781538     10/03/2022
06/04/2021 08/04/2021 12/04/2021 BE0312777494 15/07/2021    
13/04/2021 15/04/2021 19/04/2021 BE0312777494 15/07/2021    
      BE0312781538     10/03/2022
04/05/2021 06/05/2021 10/05/2021 BE0312778500 09/09/2021    
      BE0312779516   11/11/2021  
11/05/2021 13/05/2021 17/05/2021 BE0312778500 09/09/2021    
      BE0312782544     12/05/2022
01/06/2021 03/06/2021 07/06/2021 BE0312778500 09/09/2021    
08/06/2021 10/06/2021 14/06/2021 BE0312778500 09/09/2021    
      BE0312782544     12/05/2022
06/07/2021 08/07/2021 12/07/2021 BE0312779516 11/11/2021    
      BE0312780522   13/01/2022  
13/07/2021 15/07/2021 19/07/2021 BE0312779516 11/11/2021    
      BE0312783559     14/07/2022
03/08/2021 05/08/2021 09/08/2021 BE0312779516 11/11/2021    
10/08/2021 12/08/2021 16/08/2021 BE0312779516 11/11/2021    
      BE0312783559     14/07/2022
31/08/2021 02/09/2021 06/09/2021 BE0312780522 13/01/2022    
      BE0312781538   10/03/2022  
07/09/2021 09/09/2021 13/09/2021 BE0312780522 13/01/2022    
      BE0312784565     08/09/2022
05/10/2021 07/10/2021 11/10/2021 BE0312780522 13/01/2022    
12/10/2021 14/10/2021 18/10/2021 BE0312780522 13/01/2022    
      BE0312784565     08/09/2022
02/11/2021 04/11/2021 08/11/2021 BE0312781538 10/03/2022    
      BE0312782544   12/05/2022 .
09/11/2021 11/11/2021 15/11/2021 BE0312781538 10/03/2022    
      BE0312785570     10/11/2022
07/12/2021 09/12/2021 13/12/2021 BE0312781538 10/03/2022    
14/12/2021 16/12/2021 20/12/2021 BE0312781538 10/03/2022    
      BE0312785570     10/11/2022