On 24 June, the European Commission released its funding plan for H2 2024, with a funding target of up to €65 billion of long-term EU-Bonds between July and end-December 2024.

The H2 funding plan builds on the completion of €75 billion target for H1 2024, with target issuances aiming to mobilise total funding of up to €140 billion in 2024 (versus €120 billion funding target in 2023). These funding volumes are part of the planned progression of EU-Bond issuance towards volumes in the region of €150 – €160 billion in 2025 and 2026. These amounts will be needed to finance disbursement under the NextGenerationEU and other policy programmes financed by EU Bonds (including support to Ukraine, the Reform and Growth Facility for the Western Balkans and Macro Financial Assistance programmes). Exact funding needs will continue to be communicated through the Commission’s semi-annual funding plans as these are confirmed. Amounts raised through EU Bond issuance will be supplemented by short-term funding through EU-Bills and other short-term funding tools. The EU-Bill programme will hence continue to be progressively increased in H2 2024.

For H2 2024, the issuance calendar foresees six EU-bond auctions and four to five syndicated transactions between July and end-December 2024. At this juncture, the December 2024 syndication is scheduled as optional in case an additional transaction is needed to complete the announced plan.

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 and the intention to bring liquidity to the curve where needed (with a tentative focus on 5y and 7y). Issuance volumes via auctions will remain in line with the H1 2024 levels.

In line with the increased reported green expenditures from Member States, the Commission will also continue to issue NextGenerationEU Green Bonds to finance the green component of the Recovery and Resilience Facility. NGEU Green Bond issuances are expected to take place via tapping of existing bonds to support the liquidity of these lines before launching new ones.

Consistent 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 four to five syndicated transactions (with the December syndicated transaction flagges as optional) and six EU-Bond auctions between July and end-December 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:

 *All calendar information is indicative and transactions might be cancelled or additional transactions may be executed.