In line with established market practice and as part of its diversified funding strategy, the Commission publishes on a regular basis:

The annual borrowing decision and the funding plan are key to ensure sound financial management, accountability and transparency vis-à-vis the European Parliament and the Council in the implementation of the NextGenerationEU debt management operations (cf. Article 5(3) of Decision (EU, Euratom) 2020/2053). The two items are complementary.

Read more in our factsheet about the diversified funding strategy

Annual borrowing decision

The annual borrowing decision is setting a maximum ceiling on the planned borrowing operations over the planning period of one year.

It also sets a range for maximum issuance amounts of long-term and short-term funding, the average maturity of the Union’s long-term funding and a limit for the amount per issuance.

Semi-annual funding plans

The 6-monthy funding plan is mapping the borrowing to be undertaken in the coming 6 months, within the boundaries set by the annual borrowing decision. The purpose of the funding plan is to ensure that required funds are available to cover for the relevant payment needs.

Key elements of the funding plan are regularly being communicated to market participants in order to ensure the needed predictability. In particular, the Commission publishes on a regular basis:

  • The targeted amounts to be financed by bonds;
  • The target auction dates for bonds and bills issuances;
  • The number and timing of the expected syndicated transactions.

Latest funding plan

On 24 June 2022, the European Commission announced its funding target for the period between July and December 2022.

Based on the latest forecasts for forthcoming NextGenerationEU payment needs, the Commission intends to issue €50 billion of long-term EU-Bonds between July and December 2022, to be topped-up by short-term EU-Bills.

Alongside funding for NextGenerationEU, the Commission may also be called upon to issue up to €9 billion for loans to support Ukraine under a new exceptional Macro-Financial Assistance (MFA) programme and up to €6.6 billion for loans under the SURE programme, subject to Member States’ requests and completion of relevant procedures.

The funding plan is available for download. An overview is also available underneath.

DownloadPDF - 480 KB

EU-Bonds under NextGenerationEU

  • The European Commission intends to issue around €50 billion of EU-Bonds between July and December 2022.
  • The Commission will issue both conventional and green bonds, in full respect of the NextGenerationEU green bond framework.
  • The bonds will be issued with maturities across the yield curve, subject to market conditions and in full respect of the NextGenerationEU funding strategy.
  • The Commission intends to issue its EU-Bonds via a combination of syndications and auctions.
  • The Commission has planned 5 syndicated transactions and 4 bond auctions between July and December 2022.
  • EU-bond auctions will be executed on the fourth Monday of the month, with one exception in August, when the bond auction will take place on 29 August 2022.
  • Bond auctions can be single- or multi-bond auctions and will be used either to tap existing bonds or to issue new bonds.
  • The details of each bond auction will be released on the Wednesday preceding the auction in question.

EU-Bills under NextGenerationEU

  • The Commission will continue to execute EU-Bills auctions twice per month, with the exception of August when only the first auction of the month will be executed.
  • EU-Bills auctions will continue to take place on the first and third Wednesday of the month, with the exception of the November EU-Bills auctions, which will take place on the second and fourth Wednesday of the month.
  • The Commission will continue to issue EU-Bills using 3-month and 6-month tenors.
  • New 6-month lines will be issued during the first auction of the month, while the second auction of the month will be used to tap already outstanding issuances. The Commission will continue to issue in the 3-month maturity only by tapping old 6-month lines that are now 3-months from maturity.
  • The details of each EU-Bills auction will be released on the Friday preceding the auction in question.

Detailed issuance calendar*

Issuance weeks for the NextGenerationEU syndicated transactions:

Week 28 Monday 11 – Friday 15 July
Week 37 Monday 12 – Friday 16 September
Week 41 Monday 10 – Friday 14 October
Week 46 Monday 14 – Friday 18 November
Week 49 Monday 5 – Friday 9 December

EU-Bonds auction dates:

Monday, 29 August
Monday, 26 September
Monday, 24 October
Monday, 28 November

EU-Bills auction dates:

Wednesday, 06 July (tap 3m, new 6m)
Wednesday, 20 July (tap 3m, tap 6m)
Wednesday, 03 August (tap 3m, new 6m)
Wednesday, 07 September (tap 3m, new 6m)
Wednesday, 21 September (tap 3m, tap 6m)
Wednesday, 5 October (tap 3m, new 6m)
Wednesday, 19 October (tap 3m, tap 6m)
Wednesday, 09 November (tap 3m, new 6m)
Wednesday, 23 November (tap 3m, tap 6m)
Wednesday, 7 December (tap 3m, new 6m)
(optional) Wednesday, 21 December (tap 3m, tap 6m)

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

The next funding plan, to cover the period from January to June 2023, will be published in December 2022.

Past funding plans

DownloadPDF - 488.2 KB
DownloadPDF - 267.7 KB
DownloadPDF - 244.1 KB

Documents

All documents linked to the EU funding strategy for NextGenerationEU are available in the documents' section of our website.