The European Commission has unveiled its funding plan for the second half of 2025, targeting 70 billion in EU-Bond issuances between July and December.
This follows the 90 billion raised in the first half of the year and brings the total 2025 issuance in line with the projected 160 billion annual target.
The H2 2025 plan includes six EU-Bond auctions and four syndicated transactions, continuing to use benchmark maturities ranging from 3 to 30 years.
The issuance strategy combines new lines and taps of existing bonds, with a preliminary focus on 5-, 7-, 15-, and 30-year maturities, adjusted according to market conditions and liquidity needs.
A key innovation in this cycle is the introduction of non-competitive allocations to EU Primary Dealers starting in autumn 2025.
This mechanism, commonly used by sovereign issuers, allows an additional 20% of the initially allocated auction volume to be offered the following day, providing a stronger incentive for dealer and investor participation.
Regarding NextGenerationEU Green Bonds (currently totalling 75 billion), future issuance in H2 2025 will depend on the submission and validation of new climate-related spending by Member States.
If conditions are met, the Commission will favour tapping existing bonds to support secondary market liquidity over launching new lines.
Short-term funding will continue via EU-Bills, with maturities of 3, 6, and 12 months.
New 12-month lines will be issued in the first auction of each month, while the second monthly auction will focus on taps of previously issued lines.
Key Dates EU-Bond IssuanceSyndicated Transactions:
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Week of 8 July
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Week of 8 September
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Week of 6 October
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Week of 17 November
Auctions:
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14 July
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25 August
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22 September*
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20 October*
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3 November*
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1 December** Non-competitive allocations on the following Tuesday
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2 July (tap 3m, 6m; new 12m)
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16 July (tap 3m, 6m, 12m)
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6 August (tap 3m, 6m; new 12m)
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3 September (tap 3m, 6m; new 12m)
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17 September (tap 3m, 6m, 12m)
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1 October (tap 3m, 6m; new 12m)
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15 October (tap 3m, 6m, 12m)
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5 November (tap 3m, 6m; new 12m)
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19 November (tap 3m, 6m, 12m)
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3 December (tap 3m, 6m; new 12m)
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Optional: 17 December (tap 3m, 6m, 12m)
The Commission reiterated its commitment to market transparency and predictability, critical for the smooth functioning of EU capital markets.