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

January 2023

Client(s) Financial institutions

Jones Day assisted the financial institutions in connection with the issuance of a 10-year benchmark €7 billion 3.00% OLO (the “OLO 97”) 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), AA (S&P) and AA- (Fitch) (all stable).

The strong demand for this transaction (in excess of €51 billion) and the high quality of the orders ultimately made it possible to place €7 billion with domestic and foreign investors. This is a record amount for a new 10-year OLO.

The Belgian Debt Agency expects to issue a total of €45 billion in OLOs in 2023.

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