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 25/01/2021 Thu 28/01/2021 Mon 01/02/2021 (1)
Mon 22/02/2021 Thu 25/02/2021 Mon 01/03/2021  
Mon 22/03/2021 Thu 25/03/2021 Mon 29/03/2021  
Mon 31/05/2021 Thu 03/06/2021 Mon 07/06/2021  
Mon 28/06/2021 Thu 01/07/2021 Mon 05/07/2021  
Mon 26/07/2021 Thu 29/07/2021 Mon 02/08/2021  
Mon 27/09/2021 Thu 30/09/2021 Mon 04/10/2021  
Mon 22/11/2021 Thu 25/11/2021 Mon 29/11/2021  

(1) Auction cancelled and replaced by a syndicated issue

ORI Facility (Optional Reverse Inquiry) > Calendar

Facility Date Value Date (D+2)
Friday 05/02/2021 Tuesday 09/12/2021
Friday 07/05/2021 Tuesday 11/05/2021
Friday 06/08/2021 Tuesday 10/08/2021
Friday 08/10/2021 Tuesday 12/10/2021
Friday 17/12/2021 Tuesday 21/12/2021