To enhance the flexibility of its funding strategy, the Commission is launching an auction programme. The Commission will be auctioning both its EU-Bills and part of its EU-Bonds.

The Commission will use the auction platform TELSAT by Banque de France to carry out its auctions.

Structure of the auctioning programme


The Commission will be issuing EU-Bills exclusively via auctions. The EU-Bills programme will have the following parameters:

  • Auctions for EU-Bills will typically be taking place twice per month, on the first and third Wednesday of the month.
  • The Commission will be issuing new 3-month and 6-month bills in the first auction of the month, to be followed by taps of these lines in the second auction of the month.
  • As a rule, the Commission envisages volumes of €2-3 billion for the auction of a new bill and €1.5-2 billion for taps.


As of September 2021, the Commission will be using auctions, in addition to syndications, for its EU-Bonds, with the following parameters:

  • Auctions for EU-Bonds will be taking place once per month, on the fourth Monday of the month.
  • The bond auctions will be used to increase the volumes raised through bonds already issued (taps).

Auction calendar

Note: the auction calendar has been updated on 29 October, following the European Commission decision to adapt its funding target for 2021.

EU-Bonds auction dates - update as of 29 October 2021

Monday 27 September
Monday 25 October

EU-Bills auction dates - update as of 29 October 2021

Wednesday 15 September Wednesday 22 September
Wednesday 6 October Wednesday 20 October
Wednesday 3 November Wednesday 17 November
Wednesday 1 December Wednesday 15 December [optional]

The calendar information is indicative and transactions might be cancelled or additional transactions may be executed. Additional transactions for programmes other than NGEU might be conducted which are not part of these calendars.

Latest news

News1 December 2021

Results of 01-12-2021 auction (EU-Bills)

Auction results EU-Bills.

Past auctions

News26 November 2021

Announcement of next auction (EU-Bills) on 01-12-2021

Auction announcement EU-Bills.

News17 November 2021

Results of 17-11-2021 auction (EU-Bills)

Auction results EU-Bills.

News12 November 2021

Announcement of next auction (EU-Bills) on 17-11-2021

Auction announcement EU-Bills.

News3 November 2021

Results of 03-11-2021 auction (EU-Bills)

Auction results EU-Bills.


Transactions data

The Commission started issuing NextGenerationEU EU-Bonds and EU-Bills via auctions in September 2021. For an overview of the transactions completed to date, click here.