Here you can find the quarterly issuance calendars, including the upcoming auctions for the current quarter. For the bond prospectuses, please navigate to the borrowing conditions.
Upcoming auctions in Q4
| Auction date | 23 September 2025, start 10:00 CEST |
|---|---|
| Maturity date | 15 January 2056 |
| Reference bond | DBR 2.90% 15 August 2056 |
| Target volume | €4 - €5 billion |
| Pricing | Aim to price on the auction date, but no later than 12:00 CEST on 24 September 2025 |
| Settlement date | Two days after the issuance price is set |
| Coupon | To be announced on Friday 19 September 2025 |
| Initial spread guidance | To be announced on Monday 22 September 2025 |
| Auction date | Settlement date | Shorter-dated programme | Longer-dated programme |
|---|---|---|---|
| 6 October 2025 | 8 October 2025 | 27 November 2025 | 30 March 2026 |
| Auction date | Details | Target volume (€ billion) |
|---|---|---|
| 14 October 2025 | Tap of an existing DSL | To be determined |
| Auction date | Settlement date | Shorter-dated programme | Longer-dated programme |
|---|---|---|---|
| 20 October 2025 | 22 October 2025 | 29 January 2026 | 30 March 2026 |
| Auction date | Settlement date | Shorter-dated programme | Longer-dated programme |
|---|---|---|---|
| 3 November 2025 | 5 November 2025 | 26 February 2026 | 29 April 2026 |
| Auction date | Details | Target volume (€ billion) |
|---|---|---|
| 11 November 2025 | DSL July 2035 | 2 – 2.5 |
| Auction date | Settlement date | Shorter-dated programme | Longer-dated programme |
|---|---|---|---|
| 17 November 2025 | 19 November 2025 | 29 January 2026 | 29 April 2026 |
| Auction date | Details | Target volume (€ billion) |
|---|---|---|
| 25 November 2025 | Tap of an existing DSL | To be determined |
| Auction date | Settlement date | Shorter-dated programme | Longer-dated programme |
|---|---|---|---|
| 1 December 2025 | 3 December 2025 | 30 March 2026 | 28 May 2026 |
| Auction date | Settlement date | Shorter-dated programme | Longer-dated programme |
|---|---|---|---|
| 8 December 2025 | 10 December 2025 | 26 February 2026 | 28 May 2026 |
DTC auctions are held on the first and third Monday of the month, except for December where the DTC-auctions will be on the first and second Monday of the month.
Documents
- Issuance calendar fourth quarter 2025Publication17-09-2025
- Issuance calendar third quarter 2025Publication13-06-2025
- Issuance calendar second quarter 2025Publication21-03-2025
- Issuance calendar first quarter 2025Publication13-12-2024
- Issuance calendar fourth quarter 2024Publication20-09-2024
- Issuance calendar third quarter 2024Publication21-06-2024
- Issuance calendar second quarter 2024Publication22-03-2024
- Issuance calendar first quarter 2024Publication21-02-2024
- Issuance calendar fourth quarter 2023Publication22-09-2023
- Issuance calendar third quarter 2023Publication23-06-2023
- Issuance calendar second quarter 2023Publication24-03-2023
- Issuance calendar first quarter 2023Publication25-01-2023
- Issuance calendar fourth quarter 2022Publication26-10-2022
- Issuance calendar third quarter 2022Publication24-06-2022
- Issuance calendar second quarter 2022Publication25-03-2022
- Issuance calendar first quarter 2022Publication16-12-2021
- Issuance calendar third quarter 2021Publication25-06-2021
- Issuance calendar second quarter 2021Publication19-03-2021
- Issuance calendar first quarter 2021Publication15-02-2021
- Issuance calendar fourth quarter 2020Publication05-11-2020
- Issuance calendar third quarter 2020Publication26-06-2020