1. 1. T-bonds issuance calendar
      1. The issuance plan for 2020 assumes to hold two T-bond auctions per month (sale or switch auction, subject to the budget and market situation), with the exception of December, when only one auction is planned.
      2. T-bond auctions are scheduled for Thursdays, except for the auctions on: January 24th, June 5th, November 6th and December 11th (auctions on Fridays). The issuance calendar takes into account the Monetary Policy Council (MPC), ECB and Fed meetings, as well as bonds redemption dates in 2020.
      3. The settlement dates for the T-bond sale auctions and the T-bond switching auctions will be set using T+2 convention.
      4. The T-bonds issuance calendar for 2020, taking into account the above assumptions, is as follows:

 

	Day of the month
	T-bonds issuance calendar
	1st auction	2nd auction
I	9 Thu	24 Fri
II	6 Thu	20 Thu
III	5 Thu	19 Thu
IV	2 Thu	23 Thu
V	7 Thu	21 Thu
VI	5 Fri	25 Thu
VII	9 Thu	23 Thu
VIII	6 Thu	20 Thu
IX	3 Thu	24 Thu
X	8 Thu	22 Thu
XI	6 Fri	26 Thu
XII	11 Fri

      5. Modifications to the presented calendar, in particular cancellation of auctions, are possible subject to market situation. 

           Detailed information will be presented in the quarterly and monthly issuance plans

1. II. T-bills issuance calendar
2.  
   1. 1. The issuance of the T-bills will be held depending on the budget and market situation.
   2. 2. The T-bill auctions will be held irregularly, depending on the needs (they can be held on any day of the week).
   3. 3. The settlement dates for the T-bill auctions will be set using T+2 convention.
   4. 4. Detailed information on the T-bill auctions will be presented in the quarterly and monthly issuance plans.
3.