- 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.
|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.
(Value Date : D+2)
(Value Date : D)
(Value Date : D)
|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