Linear Bonds (OLO & Green OLO)

  • Auctions are based on the prices offered by bidders.
  • The amount per bid should be a multiple of EUR 1 million with a minimum of EUR 10 million.
  • The Treasury sets a minimum price.
  • All bids submitted at prices higher than this minimum price are allotted for their full amount.
  • Allocations in response to bids submitted at the minimum price chosen by the Treasury may be proportionally scaled down, in which case the amounts thus reduced are rounded up to the next tranche of EUR 1 million with a minimum of EUR 10 million per bid.
  Date Settlement
OLO auction T T+2
Ordinary non-competitive subscriptions T+3 T+3
Special non-competitive subscriptions T+5 T+5

T = day of the auction of the competitive bids


T-5 (Monday preceding T) : Auction announcement

Auctions are normally announced on the Monday preceding the auction after 5:00 PM. The Debt Agency's pages on Reuters and Bloomberg mention the OLO lines - usually two or three - that will be reopened.

T-1 (Friday before T) : Announcement of the range

On the Friday morning before the auction, the Treasury announces the range of the competitive offers to be auctioned.

T : Submission of the bids and results

On the day of the auction, competitive bids are submitted from 11:30 AM onwards until 12 noon at the latest. The auction results are normally published a few minutes after cut-off time of the bidding process.

T+3 (Thursday following T) : Ordinary non-competitive subscriptions

Participating in ordinary non-competitive subscriptions is an advantage granted to Primary Dealers. Ordinary non-competitive subscriptions take place between 11:30 AM and 12 noon. Non-competitive bids are submitted at the weighted average price of the auction.

T+5 (Monday following T) : Special non-competitive subscriptions

The Primary Dealers entitled to special non-competitive subscriptions have to submit their bids between 11:30 AM and 12 noon. Non-competitive bids are submitted at the weighted average price of the auction.


Settlement of the competitive bids (OLO auction) takes 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 ordinary and special subscriptions takes place on the day of their introduction (ordinary subscriptions on T+3 and special subscriptions on T+5).

The amount to be paid is the price of the bids plus accrued interest which is calculated on an "actual/actual" basis.

The National Bank of Belgium is the paying agent throughout its clearing system.

The Treasury may however modify this indicative calendar at any time.

OLO's (Linear Bonds) > Auctions calendar

Auction Date
(Value Date : D+2)
(Value Date : D)
(Value Date : D)
Mon 20/01/2020 Thu 23/01/2020 Mon 27/01/2020 (*)
Mon 23/03/2020 Thu 26/03/2020 Mon 30/03/2020  
Mon 20/04/2020 Thu 23/04/2020 Mon 27/04/2020  
Mon 18/05/2020 Thu 21/05/2020 Mon 25/05/2020  
Mon 22/06/2020 Thu 25/06/2020 Mon 29/06/2020  
Mon 27/07/2020 Thu 30/07/2020 Mon 03/08/2020  
Mon 24/08/2020 Thu 27/08/2020 Mon 31/08/2020  
Mon 21/09/2020 Thu 24/09/2020 Mon 28/09/2020  
Mon 19/10/2020 Thu 22/10/2020 Mon 26/10/2020  
Mon 23/11/2020 Thu 26/11/2020 Mon 30/11/2020  

(*) Auction cancelled and replaced by a syndicated issue

ORI Facility (Optional Reverse Inquiry) > Calendar

Facility Date Value Date (D+2)
Friday 14.02.2020 Tuesday 18.02.2020
Friday 15.05.2020 Tuesday 19.05.2020
Friday 14.08.2020 Tuesday 18.08.2020
Friday 16.10.2020 Tuesday 20.10.2020
Friday 11.12.2020 Tuesday 15.12.2020