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Financial institutions complete benchmark €5 billion 3.50% OLO by Kingdom of Belgium

February 2024

Client(s) Financial institutions

Jones Day assisted the financial institutions in connection with the issuance of a 30-year benchmark €5 billion 3.50% OLO (the “OLO 101”) 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 / AA- (Fitch) negative.

The OLO 101 was priced at a spread of 4bps over the OLO 98 maturing June 22, 2054 giving a re-offer price of 99.938% and a reoffer yield of 3.504%.

There was a strong participation from the outset, with an order book growing in excess of €62 billion within the first two hours.

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