Government bond auction · European Union
European Union 12-Month Bill Auction
The European Union 12-Month Bill Auction is a sale of new government debt by the European Union's treasury or debt agency to investors.
- Importance
- Low
- Released
- Every two weeks
- Next release
- Currency
- EUR · euro
- Central bank
- The European Central Bank
Latest figures
The latest release, published on 21 October 2026, came in at 3.228%, up from 3.109% the time before.
Over the last 12 releases it ranged from 2.494% to 3.228%, averaging 2.777%.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 21 Oct 2026 | – | 3.228% | – | 3.109% |
| 7 Oct 2026 | – | 3.109% | – | 3.127% |
| 16 Sep 2026 | – | 3.127% | – | 2.918% |
| 2 Sep 2026 | – | 2.918% | – | 2.704% |
| 5 Aug 2026 | – | 2.704% | – | 2.724% |
| 15 Jul 2026 | – | 2.724% | – | 2.557% |
| 1 Jul 2026 | – | 2.557% | – | 2.585% |
| 17 Jun 2026 | – | 2.585% | – | 2.654% |
| 3 Jun 2026 | – | 2.654% | – | 2.645% |
| 20 May 2026 | – | 2.645% | – | 2.578% |
| 6 May 2026 | – | 2.578% | – | 2.494% |
| 22 Apr 2026 | – | 2.494% | – | 2.507% |
Why it matters
Auctions show the demand for a country's debt. A weak auction (low cover ratio, a yield above where the bond traded before the sale, the "tail") can push yields up across the market; a strong one calms them. In times of fiscal stress auctions get close attention.
How it is calculated
Bidders submit the yield (or price) at which they will buy; the debt office allocates from the lowest yield up until the amount is sold. The release reports the average or highest yield and the bid-to-cover ratio.
Bid-to-cover = amount bid ÷ amount soldWhat changes mean
- Bid-to-cover above its recent average and no tail: solid demand.
- Index-linked and green bonds are smaller auctions with their own investor base.
A short history
Most governments moved from fixed-price syndicates to regular auctions in the 1970s–1990s; the US Treasury has auctioned bills since 1929.
Releases for the whole EU include countries outside the euro.
Questions
What is the European Union 12-Month Bill Auction?
The European Union 12-Month Bill Auction is a sale of new government debt by the European Union's treasury or debt agency to investors.
What was the latest European Union 12-Month Bill Auction?
3.228%, published on 21 October 2026.
When is the next European Union 12-Month Bill Auction?
On Wednesday 4 November 2026 at 11:10 UTC.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.