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Financial institutions complete benchmark €7 billion 2.85% OLO by Kingdom of Belgium

January 2024

Client(s) Financial institutions

Jones Day assisted the financial institutions in connection with the issuance of a 10-year benchmark €7 billion 2.850% OLO (the “OLO 100”) by the Kingdom of Belgium. The term "OLO" refers to the Kingdom's “obligations linéaires”/“lineaire obligaties”. The bonds will be listed on Euronext Brussels. Belgium’s rating is Aa3 (Moody’s) stable, AA (S&P) stable and AA- (Fitch) negative.

This new 10-year benchmark transaction is the 100th OLO of the Kingdom. The first OLO was issued in 1989. The €75 billion euro order book was the largest ever for a benchmark OLO. The high quality of the orders allowed €7 billion EUR to be placed.

The Belgian Debt Agency expects to issue a total of €52.92 billion of OLOs in 2024.

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