Issuance calendars

Upcoming auctions Q2 2025

1. April

   1. 7 AprilDTC auction

      Auction date*	Settlement date	Shorter-dated programme	Longer-dated programme
      7 April 2025	9 April 2025	30 July 2025	29 September 2025

      * Auction details will be announced on Wednesday prior to the auction (t-5).

   2. 8 AprilTap of an existing DSL

      Auction date	Details	Target volume  (€ bn)
      8 April 2025	Tap of an existing DSL*	To be determined

      * Details, including target volume, will be announced at a later stage, at the latest on the Wednesday preceding the auction date (t-6).

   3. 22 AprilDTC auction

      Auction date*	Settlement date	Shorter-dated programme	Longer-dated programme
      22 April 2025**	24 April 2025	27 June 2025	29 September 2025

      * Auction details will be announced on Wednesday prior to the auction (t-5).

      ** Auction on a Tuesday, due to public holiday on the previous day.

2. May

   1. 6 MayDTC auction

      Auction date*	Settlement date	Shorter-dated programme	Longer-dated programme
      6 May 2025**	8 May 2025	28 August 2025	30 October 2025

      * Auction details will be announced on Wednesday prior to the auction (t-5).

      ** Auction on a Tuesday, due to public holiday on the previous day.

   2. 13 MayReopening of an existing DSL

      Auction date	Details	Target volume  (€ bn)
      13 May 2025	Tap of an existing DSL*	To be determined

      * Details, including target volume, will be announced at a later stage, at the latest on the Wednesday preceding the auction date (t-6).

   3. 19 MayDTC auction

      Auction date*	Settlement date	Shorter-dated programme	Longer-dated programme
      19 May 2025	21 May 2025	30 July 2025	30 October 2025

      * Auction details will be announced on Wednesday prior to the auction (t-5).

   4. 27 MayTap of an existing DSL

      Auction date	Details	Target volume  (€ bn)
      27 May 2025	Tap of an existing DSL*	To be determined

      * Details, including target volume, will be announced at a later stage, at the latest on the Wednesday preceding the auction date (t-6).

3. June

   1. 2 JuneDTC auction

      Auction date*	Settlement date	Shorter-dated programme	Longer-dated programme
      2 June 2025	4 June 2025	29 September 2025	27 November 2025

      * Auction details will be announced on Wednesday prior to the auction (t-5).

   2. 10 JuneReopening of the DSL 15 July 2035

      Auction date	Details	Target volume  (€ bn)
      10 June 2025	DSL 15 July 2035	2 – 2.5

      * Details, including target volume, will be announced at a later stage, at the latest on the Wednesday preceding the auction date (t-6).

   3. 16 JuneDTC auction

      Auction date*	Settlement date	Shorter-dated programme	Longer-dated programme
      16 June 2025	18 June 2025	28 August 2025	27 November 2025

      * Auction details will be announced on Wednesday prior to the auction (t-5).