Legal advice for the debt issuance programmes of the EU and EURATOM and related operations

The European Commission DG BUDG is running an open procurement for a single-supplier framework contract to provide external legal advice and assistance on borrowing, lending, debt management and asset management with a strong focus on the EU and EURATOM debt issuance programmes. The framework has an estimated ceiling of €350,000 and a maximum duration of 48 months with an initial 12-month period and up to three 12-month renewals. Tenders must be submitted electronically via the EU Funding & Tenders Portal by 19 October 2026 at 16:00 Europe/Luxembourg and will be evaluated on the best price-quality ratio with equal weighting for price and quality. Eligible bidders are law firms or legal service providers demonstrating relevant debt capital markets expertise, required professional indemnity insurance and specified minimum team composition and financial capacity as set out in the procurement documents.

What it funds

Scope

Framework contract to procure external law firm services:legal advice and assistance on borrowing, lending, debt management and asset management for the European Commission with a strong focus on the EU and EURATOM debt issuance programmes (maintenance, periodic review, launch of new functionalities, transaction documentation and related ad hoc legal questions).

Estimated value:€350,000 (framework ceiling). Duration up to 48 months; framework initially 12 months with up to three 12-month renewals ¹.

Who can apply

Law firms or legal service providers established in the EU/EEA (or third countries covered by applicable procurement rules) with demonstrated capacity in debt capital markets, including expertise in Luxembourg and Belgian law. Tenderers must be registered in the EU Participant Register (PIC) and submit declarations and evidence on exclusion and selection criteria.

Key dates

1. 1Deadline for receipt of tenders: 19 October 2026, 16:00 (Europe/Luxembourg)
2. 2Public opening (virtual): 20 October 2026, 11:00 (Europe/Luxembourg)

Procurement model and award

Open procedure to award a single framework contract (no lots). Award by best price-quality ratio with 50% price / 50% quality (quality subcriteria: expertise of legal team, assignment management, resource management and business continuity). Framework without re-opening of competition.

How to apply

Submit electronically via the EU Funding & Tenders Portal eSubmission. A valid EU Login and PIC are required; follow the submission rules and templates in the procurement documents.

Tender specifications, draft contract, financial and technical models and other procurement documents are published on the EU Funding & Tenders Portal Opportunity page ¹

Footnotes

1. 1Full procurement pack and templates (Invitation to tender, Annex I tender specifications, Annex II draft contract and annexes, Annexes 6 and 7 financial/technical models) are available on the Funding & Tenders Portal at the opportunity page.

Summary:The European Commission (DG BUDG - Budget) invites tenders for a single-supplier framework service contract to provide external legal advice and assistance on borrowing, lending, debt management and asset management activities of the Commission, with a strong focus on the EU and EURATOM debt issuance programmes. The procurement is an open procedure to establish a framework contract (single contractor) with a maximum overall ceiling of €350,000 and a maximum duration of up to 48 months. Submissions are electronic via the Funding & Tenders Portal eSubmission system. Key procurement documents (invitation to tender, tender specifications, draft contract, financial and technical models and mandatory declaration forms) are published on the Portal and must be consulted in full by prospective tenderers.

Key facts and administrative data

Important dates

1. 1TED publication date / Contract notice publication: 18/09/2026 ¹
2. 2Deadline for questions to contracting authority: 09/10/2026 23:59 Europe/Luxembourg
3. 3Deadline for receipt of tenders (submission deadline): 19/10/2026 16:00 Europe/Luxembourg
4. 4Virtual public opening of tenders: 20/10/2026 11:00 Europe/Luxembourg
5. 5Date of anticipated TED reference publication (public opening / award milestone): 20/10/2026

Scope of services and technical requirements

Core scope:legal advice and assistance relating to borrowing, lending, debt management and asset management activities of the Commission, with a strong focus on the EU-EURATOM debt issuance programmes (including maintenance and periodic review of debt issuance programme documentation, launch of new functionalities under the EU Issuance Service and legacy programmes, transactional advice on issuance, buy-backs, debt management operations, derivatives, money market transactions and asset management). Advice may cover Luxembourg law, Belgian law, French, German and, on request, English and US law where relevant.

Minimum team composition required:Tenderers must propose a legal team covering Luxembourg and Belgian debt capital markets law consisting at minimum of: (i) an equity partner (or equivalent) with at least 10 years continuous experience in debt capital markets (either one partner covering both Luxembourg and Belgium or two equity partners, one for Luxembourg law and one for Belgian law each with minimum 10 years); (ii) a senior lawyer (of counsel / senior associate or equivalent) specialised in Luxembourg law with minimum 7 years' continuous experience; and (iii) a junior lawyer (associate or equivalent) specialised in Luxembourg law with minimum 2 years' experience. The combined proposed team must demonstrate collective coverage of Luxembourg and Belgian law.

Deliverables and modalities:deliverables may take the form of opinions, reports, notes, draft contracts, emails and oral advice. Deliverables must be delivered in editable Microsoft Office format or PDF as requested. The contractor must be available for in-person meetings at the Commission’s premises in Luxembourg and Brussels where required and deliver written confirmation of oral advice if requested. The contractor will assist drafting Offering Circular/Prospectus and related transaction documentation, and must be able to address tax aspects under Luxembourg and Belgian law where required.

Eligibility and selection

Who may submit:any natural or legal person within the scope of the EU Treaties and participating Member States, and international organisations, subject to the restrictions in the tender documents concerning restrictive measures. Participation is open throughout the EEA and to third countries where procurement access agreements apply. Economic operators must be registered in the Participant Register and provide a PIC to use eSubmission.

Required legal and regulatory capacity:Proof that the tenderer or relevant staff is registered with a bar association in the Grand Duchy of Luxembourg (applies to at least one member for joint tenders). Proof that the tenderer or relevant staff is registered with bar associations in France, Belgium or Germany as per professional requirements is also required (at least one entity in case of joint tender/subcontracting). All legal/regulatory evidence must be submitted with the tender.

Minimum economic / financial selection criteria:1) Consolidated average annual turnover over the last two closed financial years exceeding €125,000. 2) Professional liability insurance with minimum coverage €2,000,000 (or equivalent). Supporting evidence is required as specified in the tender specifications.

Minimum technical / professional selection criteria:At least one assignment as legal adviser to an issuer, arranger or (lead) managers for a supranational/sovereign debt issuance or EMTN programme under Luxembourg law and/or for securities listed in Luxembourg completed in the five years prior to submission for an amount of at least €15,000. Evidence and assignment details must be provided.

Award and evaluation methodology

Award criteria and weighting:the contract will be awarded on the best price-quality ratio using the formula set out in the procurement documents. Price weighting: 50%. Quality weighting: 50% distributed across sub-criteria as follows: Expertise of legal team 70 points (minimum 35); Assignment management 20 points (minimum 10); Resource management and business continuity 10 points (minimum 5). Tenders must achieve minimum thresholds of 50% per criterion/sub-criterion and at least 60% overall on quality to be considered. Price is the financial model submitted in Annex 6.

Administrative and submission requirements

Format and method:Tenders must be submitted exclusively through the Funding & Tenders Portal eSubmission application. A registered Participant Identification Code (PIC) is mandatory. Maximum file/attachment sizes and permitted file types are those specified in the eSubmission System Requirements. Tender validity: 6 months. Only the latest submitted tender by a single tenderer will be considered if multiple submissions are made (unless earlier ones are withdrawn prior to the deadline).

1. 1Mandatory documents to upload with tender: Declaration on Honour (Annex 2), identification/authorisation evidence for signatory, list of identified subcontractors (Annex 4) where applicable, commitment letters by identified subcontractors or entities on whose capacities the tenderer relies (Annexes 5.1 and 5.2), evidence for selection criteria (financial statements, insurance certificate, assignment details), full technical tender per Annex 7 and full financial tender using Annex 6 financial model.
2. 2Signature policy: preferred method is a qualified electronic signature (QES) under eIDAS; handwritten signatures are allowed but lead to additional administrative procedures.
3. 3Number of attachments: eSubmission accepts many attachments but observe system limits and naming conventions in the System Requirements.

Consortium, subcontracting and reliance on third-party capacities

Consortium requirement:single framework contractor will be selected but joint tenders (groups) are allowed. If a joint tender is submitted, the group must appoint a group leader and provide an Agreement/Power of Attorney (Annex 3). All group members are jointly and severally liable. Subcontracting is permitted; subcontractors with a planned individual share above 20% or subcontractors whose capacities are relied upon for selection criteria must be identified in Annex 4 and provide a commitment letter (Annex 5.1). Entities on whose capacities the tenderer relies but which are not subcontractors must supply commitment letters (Annex 5.2) and supporting evidence.

Security, data protection and confidentiality

Security:the draft contract includes Appendix 2 Security Requirements for Commission’s Contractors. Contractors must comply with applicable Commission security rules and with Commission guidance on outsourcing of communication and information systems. Processing of personal data is governed by Regulation (EU) 2018/1725; the contractor must process personal data only on documented instructions of the controller and keep data within the EU/EEA unless prior written authorisation is obtained. Confidentiality obligations apply to contractor, personnel and subcontractors; the Commission may share tender documents within the EU institutions and with authorised contractors for evaluation and implementation, on a confidential basis.

Contract model and commercial conditions

Contract structure:The award results in a single framework service contract. Specific contracts (orders) will be issued under the framework for particular tasks. The FWC is non-exclusive and imposes no minimum purchase obligation. Duration: up to 48 months, typically initial 12 months with renewals as specified in the draft contract. Framework ceiling: €350,000. Payment: invoicing and payment conditions as set out in the draft framework contract. Prices quoted must be free of VAT and include all expenses; the financial model sets example hours and fixed hourly rates per profile as the maximum rates for specific contracts. Price revision provisions are in the draft contract (indexation formula based on HICP).

Financial information and pricing model

The financial model (Annex 6) provides a template for tenderers to populate hourly rates by profile (Equity Partner, Senior Lawyer, Junior Lawyer) and an indicative number of hours for evaluation purposes only. Submitted hourly rates are maximum rates for the duration of the first contract year and form the basis for specific contract pricing. Tenderers must include all costs (fees, overheads, travel, subsistence, meetings).

Templates and application form structure

The procurement package published on the Portal contains the following templates and mandatory annexes: Invitation to tender; Annex I Tender specifications and its annexes (Annex 2 Declaration on Honour, Annex 3 Agreement/Power of attorney, Annex 4 List of identified subcontractors, Annex 5.1 & 5.2 commitment letters, Annex 6 Financial model, Annex 7 Technical model); Annex II Draft contract and Appendix 2 Security; Financial offer form and other models. Tenders must follow the eSubmission structure described in Annex 1 of the specifications: Parties / Identification / Attachments for declarations and supporting evidence; Tender Data section for uploading Technical and Financial tenders. The technical offer must be structured to cover the technical requirements and quality award criteria; the assignment management technical note is limited in page length as specified in Annex 7.

Categorisation answers

1. 1Eligible Applicant Types: Eligible applicants include law firms and legal service providers; SMEs and large enterprises providing legal services; professional partnerships; joint tenders (consortiums of legal entities) are permitted; universities or research institutes are not the primary target but can participate if they provide the required legal team and professional qualifications; subcontractors and entities on whose capacities tenderers rely are permitted; natural persons / sole practitioners may apply provided they meet professional registration requirements. The procurement documents specify that tenderers must be registered with appropriate bar associations and comply with exclusion and selection criteria.
2. 2Funding Type: This is a public procurement for a service contract (tender) resulting in a framework agreement. It is not a grant, loan or award. The mechanism is a framework service contract with specific contracts/orders to be issued.
3. 3Consortium Requirement: Other than allowing joint tenders, a consortium is not required. The procedure will result in a single contractor (single framework agreement). Applicants may submit as a sole entity or as a joint tendering group. If joint, a group leader must be appointed.
4. 4Beneficiary Scope (Geographic Eligibility): Geographic eligibility is EU / EEA wide; participation is open to entities within the scope of the EU Treaties and to international organisations, subject to rules on procurement access for third countries. The work includes Luxembourg and Belgian law coverage and physical meetings in Luxembourg/Brussels.
5. 5Target Sector: Target industry sector is legal services focusing on public debt issuance, debt capital markets and public finance (public sector finance, capital markets, asset management). The CPV is 79100000 - Legal services.
6. 6Mentioned Countries: Explicitly mentioned countries and jurisdictions in the tender: Luxembourg and Belgium (specific legal regime and settlement architecture), references also to France, Germany and broader references to EU Member States and third countries for certain loan agreements. Place of performance: contractor premises and Commission premises in Luxembourg and Brussels.
7. 7Project Stage: The contract is for operational legal advice and transactional support at an implementation and maintenance stage: maintenance, periodic review, launch of new functionalities, transactional and ad-hoc legal advice; expected project maturity: development, validation, demonstration and ongoing operations (not basic research or ideation).
8. 8Funding Amount: Estimated total framework ceiling €350,000. The tender includes a financial model with illustrative hours (Equity Partner 50 hrs, Senior Lawyer 150 hrs, Junior Lawyer 300 hrs) for evaluation; actual spend depends on specific contracts and is limited by the framework ceiling.
9. 9Application Type: Open call for tenders. Submission method: electronic, via Funding & Tenders Portal eSubmission (required).
10. 10Nature of Support: Beneficiaries (contractor) will receive monetary remuneration (service contract payments) based on agreed hourly rates and deliverables; the support is financial (service contract) not grant-based. Non-monetary support such as access to Commission documentation and meetings will also be provided as part of the contract implementation.
11. 11Application Stages: Single-stage tender submission (1): submission of full tender via eSubmission, administrative checks, exclusion/selection verification and evaluation of award criteria. The process may include requests for clarifications and a possible interview at contract implementation stage for team approval but the procurement is a single submission stage procedure.
12. 12Success Rates: Not stated in the call; typical single-award open tenders for specialised legal services usually have low success rates because award is single-supplier; exact success rate cannot be determined from the published documents.
13. 13Co-funding Requirement: No co-funding required. The contract is a fee-for-service procurement. There is no applicant contribution required as a condition of participation.

Application tips and checklist

1. 1Register early: Ensure your organisation is registered in the Participant Register and you have a valid PIC. Create and test EU Login and eSubmission accounts well in advance of the deadline.
2. 2Read the procurement documents: Carefully read Invitation to Tender, Annex I Tender Specifications, Annex II Draft Contract, Annex 6 Financial Model and Annex 7 Technical Model. The English version is the authentic text.
3. 3Follow templates: Use Annex 6 financial model and Annex 7 technical model and follow the upload structure in Annex 1. Include all mandatory declarations and evidence requested in Annex 1.
4. 4Team evidence: Provide detailed CVs for the proposed team members demonstrating the required years of continuous experience and specific debt capital markets assignments, and evidence of bar registration for Luxembourg and relevant jurisdictions.
5. 5Selection evidence: Attach audited accounts or balance sheets and profit & loss statements for the last two closed financial years (or bank statements if unavailable), and evidence of professional indemnity insurance meeting the minimum required coverage.
6. 6Declarations and compliance: Complete and sign the Declaration on Honour (Annex 2) and provide authorisation evidence for signatories. Ensure no persons involved are subject to EU restrictive measures.
7. 7Conflicts of interest: Disclose any potential conflicts and demonstrate mitigation measures and independence.
8. 8Security and data protection: Confirm compliance with Appendix 2 Security Requirements and data localization / processing constraints in Annexes and draft contract.
9. 9Price proposal: Populate Annex 6 with firm hourly rates and include all-inclusive fees; ensure totals do not exceed the framework ceiling.
10. 10Submission logistics: Upload documents to the correct eSubmission sections (Parties attachments, Tender Data technical and financial tenders). Check file formats, size limits and naming rules. Submit well before the deadline; eSubmission timestamps are definitive proof of submission.

How would you explain this opportunity?

Long summary:The European Commission’s Budget Directorate (DG BUDG) is procuring specialised external legal services to support its borrowing, lending, debt issuance and asset management activities. The priority is legal expertise for the EU and EURATOM debt issuance programmes covering programme maintenance, transactional documentation, launch of new issuance functionalities and related ad-hoc legal questions across debt capital markets, liquidity management, derivatives, buy-backs and asset management portfolios. The award will be a single-supplier framework contract with a €350,000 ceiling and a maximum 48-month duration. Law firms or legal practitioners with proven experience in Luxembourg and Belgian debt capital markets law and with the required professional indemnity cover are the intended bidders. Selection and award focus on (a) technical quality and team expertise (50% weight) and (b) price (50% weight). Bidders must submit a full technical and financial tender through the EU Funding & Tenders Portal eSubmission system and upload required legal, financial and professional evidence. The procurement includes strict requirements on confidentiality, data protection, security, exclusion/selection checks and compliance with EU legal, tax and procurement rules. Interested bidders should download and study the full tender documentation posted on the Portal, prepare the Annex templates (Declaration on Honour, financial model, technical model, commitment letters for any subcontractors or relied-on entities), ensure bar registrations and insurance evidence are available, and submit a complete tender before the deadline.

Where to apply and obtain documents:See the Funding & Tenders Portal procedure page and apply via eSubmission. All procurement documents (Invitation to Tender, Tender Specifications and annexes, Draft Contract, Financial and Technical Models, Declaration on Honour and other templates) are published on the Portal at the procedure reference provided above ¹.

Footnotes

1. 1Tender documents and the procurement notice are available on the Funding & Tenders Portal at the procedure URL: ec.europa.eu

This is an EU procurement for external legal services supporting borrowing, lending, debt management, and asset management, including the EU and EURATOM debt issuance programmes[8]. It is a services tender and framework contract, so it does not provide grant funding or a funding rate.

Key Tender Details

What the Contract Covers

The selected external law firm will provide legal advice and assistance on matters linked to borrowing, lending, debt management, and asset management activities of the European Commission, with a strong focus on the EU and EURATOM debt issuance programmes. The contract is aimed at specialist legal support for complex financing operations rather than general legal advisory work.

Who Can Apply

The notice is an open procedure, so any interested economic operator that can meet the tender specifications may submit an offer. The opportunity is marked as not SME suitable, which suggests it is not designed specifically for smaller firms, although eligibility is determined by the tender documents and selection criteria.

• External law firms with relevant public finance, capital markets, debt issuance, lending, or asset management expertise
• Tenderers able to submit electronically through the EU Funding and Tenders Portal
• Applicants with an EU Login account for submission
• Organisations able to meet the technical, legal, and financial requirements set out in the procurement documents

Submission and Evaluation

Tenders must be submitted electronically through the portal. The contracting authority is not bound to reply to questions submitted after 9 October 2026 at 23:59 Europe/Luxembourg, so clarifications should be raised well before that date. The public opening is scheduled for 20 October 2026 at 11:00 Europe/Luxembourg.

• Award criterion weights are 50 percent quality and 50 percent price
• The portal shows no public questions and answers at the time of the extracted record
• The procurement documents are available in English only in the current portal view
• The tender package includes the invitation letter, tender specifications, declaration on honour, technical model, financial offer form, draft contract, and a security appendix

Duration and Commercial Structure

The framework contract runs for an initial period of 12 months and may be renewed three times, for a maximum overall duration of 48 months. The estimated total value is €350000, which should be read as an estimate for the full framework period rather than a guaranteed spend.

Practical Assessment

This opportunity is likely best suited to established law firms with deep experience in EU public borrowing, sovereign style debt issuance, capital markets documentation, and related risk or asset management advice. Applicants should review the draft contract and security appendix carefully before submitting.