T bills


Treasury bills (government papers) are financial instruments representing national debt whose value is expressed in local currency, whose issue is, pursuant to the law, decided by the Government or Minister in charge of financial operations. Securities are dematerialised meaning that they are issued, transferred and recorded in the form of electronic recording in the information system of the Central Securities Depository in line with the regulations of that institution. Terms and method of primary sale of such securities are regulated by Regulation on General Terms of Issue and Sale of Short-Dated Government Papers on Primary Market.

They are sold at a discount at auctions through auction platforms on a primary market where authorised participants take part i.e. financial institution (bank, insurance company, broker-dealer company, pension fund and investment fund) which satisfies requirements for direct participation at auctions.

Treasury bills can be bought by all domestic legal entities and natural persons through authorised participants.

Auction of treasury bills is performed at a unique or multiple discount rate.

Order to buy papers at auctions may be competitive (containing data on the quantity and price) or non-competitive (containing data on only on the quantity with no price quotation).

They are also traded at a discount on secondary market, and at maturity the holder is given nominal amount of registered papers.

Treasury is obliged to determine auction calendar for relevant financial year.
Auction calendar is announced on the website of the Ministry of Finance and Treasury.

Auction public offer is announced on the website of the Ministry of Finance and Treasury and throughauction platformof the Treasury.
Treasury is obliged to inform authorised participants of the following, through tender offer not later than within three days prior to any auction:
1) auction method;
2) issue volume (number of pieces of government papers which will be issued);
3) issue date;
4) type of securities;
5) individual nominal value;
6) date of maturity of government papers;
7) minimum amount the offer can be made out to;
8) maximum quantity of government papers which can be bought bya legal entity or natural person.
Settlement procedure based on primary sale of government papers is performed by Central Securities Depository.



Treasury bills are made out to RSD and they are sold at discount with tenors up to two years (3, 6, 12, 18, 24 months, 53w), whereat nominal value indicated on those bills is paid by Treasury at maturity date of treasury bills.

Price of government securities from market order is disclosed at discount rate which makes an integral part of the act regarding emission of government securities and offer for sale.

The amount of discounted priceof government securities per piece is calculated on an annual basis.


Total discounted value of the offer represents product of discounted price referred to in the order and quantity of government securities which an auction participant intends to buy.

Government securities can be boughtby any natural person and legal entity, through authorised participants (authorised banks or brokerage houses). Minimum quantity for purchase is in the nominal amount of RSD 200,000.00if bills are nominated in RSD, or EUR 1,000.00 if they are nominated in EUR.

If bills with maturity of up to one year are the subject matter of trading, balancing is performed acording to T+0.

If bills with maturity of over one year are the subject matter of trading, balancing is performed according to T+2, or T+3 (balancing duration period for each auction is precisely stipulated in public offer).