OT Auctions - Description Fixed-rate on-the-run government bonds (OT) are mainly issued via auction, according to an auction calendar, announced at the beginning of the year or at the beginning of each quarter. Auctions are normally held on the second Wednesday of the month. The specific characteristics of each auction are announced directly to the Primary Dealers (OEVT), to the Other Auction Participants (OMP) and to the market, up to three days before the auction date. Settlement takes place three working days after the auction date (T+3). OT auctions are supported by an electronic system – the Bloomberg Auction System (BAS). The auctions are carried out in two consecutive phases – competitive and non-competitive – and are only accessible to financial intermediaries authorized by IGCP, E.P.E., i.e. institutions to which the status of Primary Dealer (OEVT) or Other Auction Participants (OMP) has been granted. Auction phases Competitive phase
Non-competitive phase
|