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Financial institutions complete benchmark US$1 billion bond by Kingdom of Belgium

November 2024

Client(s) Financial institutions

Jones Day assisted the financial institutions in connection with the issuance by the Kingdom of Belgium of a new 10-year benchmark US$1 billion bond within the framework of its EMTN Programme. The new bond was priced at a spread of mid-swap plus 64 basis points and has a coupon of 4.350%. The issue was immediately swapped to Euro to avoid any exchange rate risk. The Belgian Debt Agency thus received €926.18 million, realizing an arbitrage, after swap, of more than five basis points against the OLO curve. The bonds are listed on the Luxembourg Stock Exchange. Belgium’s rating is Aa3 (Moody’s) negative / AA (S&P) stable / AA- (Fitch) negative.

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