On 12 December, the European Commission released its funding plan for H1 2024, setting out its funding needs for the period January to June 2024.

The Commission has announced a funding target of €75 billion in EU-Bonds in the first half of 2024, complemented by short-term EU-Bills. The issuance calendar for H1 2024 foresees 6 syndications and 7 auctions.  

EU-Bonds will continue to be issued using benchmark maturities from 3 to 30 years, with tap transactions and new lines, using auctions and syndications. The maturities for the new lines will depend on market conditions taking into account the intention to bring liquidity to the curve where more is needed (with a tentative focus on 3y, 10y, 15y and possibly 30y for conventional lines). The Commission expects the share of long-term funding issued via auction in H1 2024 to be higher than the 40% share in 2023.

The Commission will also continue to issue NextGenerationEU Green Bonds via taps to finance the green component of the Recovery and Resilience Facility, which lies at the heart of NextGenerationEU. In addition to tap transactions, one new long-dated green bond may be considered, depending on market conditions.

In line with the Commission’s commitment to open and transparent communication to markets, information about our issuance windows is available below.

Issuance weeks for EU-Bonds

The Commission has planned 6 syndicated transactions and 7 EU-Bond auctions between January and June 2024.

ISSUANCE WEEKS FOR EU-BONDS SYNDICATED TRANSACTIONS:

EU-BONDS AUCTION DATES:

Issuance weeks for EU-Bills

The Commission will continue to issue EU-Bills using 3-month and 6-month tenors as per the planned calendar below. 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.

 EU-BILLS AUCTION DATES: