European Commission to issue €70 billion in EU bonds in H2 this 2025

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 Issuance

Syndicated Transactions:

• Week of 8 July

• Week of 8 September

• Week of 6 October

• Week of 17 November

Auctions:

• 14 July

• 25 August

• 22 September*

• 20 October*

• 3 November*

• 1 December*
  * Non-competitive allocations on the following Tuesday

Key Dates – EU-Bill Auctions

• 2 July (tap 3m, 6m; new 12m)

• 16 July (tap 3m, 6m, 12m)

• 6 August (tap 3m, 6m; new 12m)

• 3 September (tap 3m, 6m; new 12m)

• 17 September (tap 3m, 6m, 12m)

• 1 October (tap 3m, 6m; new 12m)

• 15 October (tap 3m, 6m, 12m)

• 5 November (tap 3m, 6m; new 12m)

• 19 November (tap 3m, 6m, 12m)

• 3 December (tap 3m, 6m; new 12m)

• 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.