---
source: European Commission
url: https://commission.europa.eu/news-and-media/news/results-18-03-2026-auction-eu-bills-2026-03-18_en
document_type: html
date_retrieved: 2026-03-18
period: March 18, 2026
parent_publication: EU-Bills Auction Results
indicators_covered: [3-Month Bill Auction, 6-Month Bill Auction, 12-Month Bill Auction]
currency: EUR
unit: "%"
---

# Results of 18-03-2026 Auction (EU-Bills)

The European Commission, on behalf of the European Union, has today carried out an EU-Bills auction. The results of this auction are as follows:

## Auction Results

| Item | EU-Bills (3-Month) | EU-Bills (6-Month) | EU-Bills (12-Month) |
|------|------------------|------------------|------------------|
| **ISIN** | EU000A4EB337 | EU000A4EF4A1 | EU000A4EQY98 |
| **Date of auction** | 18/03/2026 | 18/03/2026 | 18/03/2026 |
| **Settlement date** | 20/03/2026 | 20/03/2026 | 20/03/2026 |
| **Maturity** | 05/06/2026 | 04/09/2026 | 05/03/2027 |
| **Volume bids *** | 1,321 | 1,302 | 1,623 |
| **Volume allotment *** | 841 | 823 | 1,405 |
| **Old outstanding amount *** | 3,868 | 2,697 | 1,362 |
| **New outstanding amount *** | 4,709 | 3,520 | 2,767 |
| **Weighted average yield** | 2.009% | 2.148% | 2.311% |
| **Highest accepted yield** | 2.015% | 2.155% | 2.320% |
| **% awarded at highest accepted yield** | 100.00% | 100.00% | 100.00% |
| **Cover ratio** | 1.57 | 1.58 | 1.16 |

*** in millions of euros

## Details

**Publication date:** 18 March 2026  
**Location:** Luxembourg

## Auction Analysis

The three EU-Bills tranches auctioned on March 18, 2026 reflect increasing yields across the maturity curve. The 3-month bill achieved a weighted average yield of 2.009%, the 6-month bill 2.148%, and the 12-month bill 2.311%, demonstrating a positively sloped yield curve. All three tranches were awarded entirely at the highest accepted yield, indicating clear pricing consensus.

Demand remained solid across all maturities, with cover ratios of 1.57x (3-month), 1.58x (6-month), and 1.16x (12-month), though showing some moderation in the longer-dated tranche. The total allotment across the three bills exceeded €3 billion, bringing outstanding EU-Bills stock to €10.996 billion in aggregate notional value.

The 3-month and 6-month bills maintained identical cover ratios despite the former's lower yield environment, while the 12-month tranche showed somewhat tighter demand, as evidenced by its lower cover ratio. This pattern is consistent with typical short-end interest rate expectations and current monetary policy positioning.