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

February 2023

Client(s) Financial institutions

Jones Day assisted the financial institutions in connection with the issuance of a 30-year benchmark €5 billion 3.30% OLO (the “OLO 98”) 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 transaction saw strong participation, with the orderbook growing in excess of €32 billion.

It is the second syndication priced by the Kingdom of Belgium in 2023. With this transaction, the Belgian Debt Agency has raised 24.5% of its 2023 gross borrowing requirements.

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