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 21/01/2019 Thu 24/01/2019 Mon 28/01/2019 (1)
Mon 18/03/2019 Thu 21/03/2019 Mon 25/03/2019  
Mon 29/04/2019 Fri 03/05/2019 Tue 07/05/2019  
Mon 17/06/2019 Thu 20/06/2019 Mon 24/06/2019  
Mon 22/07/2019 Thu 25/07/2019 Mon 29/07/2019  
Mon 23/09/2019 Thu 26/09/2019 Mon 30/09/2019  
Mon 18/11/2019 Thu 21/11/2019 Mon 25/11/2019  

(1) : cancelled en replaced by a syndication