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Financial institutions complete benchmark €7 billion 3.100% OLO by Kingdom of Belgium

January 2025

Client(s) Financial institutions

Jones Day assisted the financial institutions in connection with the issuance of a 10-year benchmark €7 billion 3.100% OLO (the “OLO 103”) by the Kingdom of Belgium. The term "OLO" refers to the Kingdom's “obligations linéaires”/“lineaire obligaties”. The bonds are listed on Euronext Brussels. Belgium's rating is Aa3 (Moody's) negative / AA (S&P) stable/ AA- (Fitch) negative.

Final books were in excess of €89 billion (excluding JLM interest), which represents the largest ever orderbook for an OLO syndication, an increase by more than 25% of the record set one year ago. The transaction priced at mid-swaps +66bps implying a reoffer yield for investors of 3.141%.

The Belgian Debt Agency expects its 2025 gross borrowing requirements to amount to €44.65 billion which represents a decrease of €6.23 billion compared to the 2024 borrowing requirements. With this new OLO 103, the Belgian Debt Agency has already achieved 16.7% of its planned OLO issuance in 2025.

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