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Legal framework for Treasury Bills
The decree of the Minister of Finance establishes a framework for issuance of Treasury Bills for cash management purposes. The Information Memorandum describes the general conditions for issuance and sets the principles for the issuance procedures.
- The framework provides the opportunity for the State Treasury Department to issue discounted (or premium) bills with maturity up to 12-months with pricing subject to market conditions at the time of issuance.
- The maximum outstanding amount of Treasury Bills is limited to EUR 2.5 billion.
- There is no regular auction calendar; issuance of Treasury Bills will depend on the State Treasury’s funding needs.
- Issuance of Treasury Bills is not a public issue (i.e., for retail investors).
- Bonds are registered with the Nasdaq CSD SE Estonian Depository, but these are not planned to be listed on the stock exchange. According to law the Information Memorandum is not registered at the Financial Supervision Authority.
- Issuance of Treasury Bills is pursuant to applicable Estonian law.
A more detailed description of auctions for the issuance of short-term bonds is provided in the Dealer Agreement. Treasury Bills are sold directly to Dealers using the method set out in the Invitation. When set out in the Invitation, the Treasury Bills are sold in auctions through a competitive bidding procedure.
List of recognised Dealers of Estonian Treasury Bills as follows:
- AS LHV Pank (recognised Dealer since 25.04.2019)
- AB SEB bankas (recognised Dealer since 25.04.2019)
- Swedbank AS (recognised Dealer since 25.04.2019)
- Luminor Bank AS (recognised Dealer since 25.04.2019)
- OP Corporate Bank (recognised Dealer since 03.04.2020)
- Erste Group Bank AG (recognised Dealer since 13.07.2020)
- Nordea Bank Abp (recognised Dealer since 08.10.2020)
- BRED Banque Populaire (recognised Dealer since 05.05.2021)
Issuance of Treasury Bills
| Auction date | Auctioned period(s) | Amount in MEUR | Average yield to maturity | Highest yield | Final Terms | No of bidding Dealers |
|---|---|---|---|---|---|---|
| 22.09.2026 | 6 months | 182 | 2.910% | 2.935% | 7 | |
| 12 months | 191 | 3.209% | 3.230% | |||
| 30.03.2026 | 6 months | 207 | 2.439% | 2.470% | 7 | |
| 12 months | 135 | 2.696% | 2.725% | |||
| 23.09.2025 | 6 months | 70 | 2.078% | 2.085% | 7 | |
| 12 months | 180 | 2.105% | 2.119% | |||
| 31.03.2025 | 6 months | 60 | 2.266% | 2.29% | 7 | |
| 12 months | 190 | 2.220% | 2.26% | |||
| 25.09.2024 | 6 months | 90 | 3.172% | 3.21% | 7 | |
| 12 months | 190 | 2.862% | 2.90% | |||
| 02.04.2024 | 6 months | 106 | 3.853% | 3.86% | 7 | |
| 12 months | 144 | 3.601% | 3.66% | |||
| 28.09.2023 | 6 months | 81 | 4.088% | 4.14% | 7 | |
| 12 months | 204 | 4.111% | 4.16% | |||
| 25.04.2023 | 6 months | 40 | 3.574% | 3.65% | 7 | |
| 12 months | 72 | 3.68% | 3.80% | |||
| 28.03.2023 | 6 months | 125 | 3.259% | 3.35% | 7 | |
| 12 months | 125 | 3.324% | 3.4% | |||
| 14.06.2022 | 12 months | 100 | 0.90% | 0.90% | 4 | |
| 29.03.2022 | 6 months | 150 | -0.44% | -0.43% | 6 | |
| 12 months | 250 | -0.225% | -0.14% | |||
| 30.03.2021 | 12 months | 400 | -0.441% | -0.43% | 7 | |
| 06.05.2020 | 6 months | 150 | -0.177% | -0.1% | 4 | |
| 12 months | 225 | -0.141% | -0.05% | |||
| 23.03.2020 | 12 months | 200 | -0.296% | -0.2% | 4 | |
| 10.06.2019 | 6 months | 100 | -0.063% | -0.05% | 4 | |
| 12 months | 100 | -0.19% | -0.16% | |||
| 15.05.2019 | 7 days | 4 | 0.015% |
Euro-Commercial Paper Programme
The introduction of the Euro-Commercial Paper Programme (ECP) increases the country's readiness to issue short-term bonds in an operational and flexible manner and complements the domestic T-bills program.
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The programme provides the opportunity for the State Treasury Department to issue ECPs with a maturity of one to 364 days.
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There is no maximum outstanding amount for the programme.
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Issuance of ECPs is not a public issue (i.e., for retail investors).
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ECPs may be denominated in US dollars, Euro and Sterling or other permitted currencies.
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The programme is open-ended.
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The programme is rated by S&P Global Ratings Europe Limited.
List of Dealers of Estonian ECPs as follows:
-
Barclays Bank Ireland PLC
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Citigroup Global Markets Europe AG
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BRED Banque Populaire
-
ING Bank N.V.
More information
Last updated: 22.09.2026
