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Financial institutions complete benchmark €8 billion 3.40% OLO by Kingdom of Belgium

January 2026

Client(s) Financial institutions

Jones Day assisted the financial institutions in connection with the issuance of a 10-year benchmark €8 billion 3.40% OLO (the “OLO 106”) 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) negative/ A+ (Fitch) stable.

The transaction saw strong participation from the outset, with the orderbook growing to over €91 billion at closing, which encouraged the Belgian Debt Agency to set the new issue size at €8 billion. This represents the largest orderbook for an OLO syndication to date. The BDA reached over 365 investors with this transaction, also a record in terms of participants.

The funding plan for 2026 includes an expected issuance of €51.60 billion of OLOs, which is 5.90 billion more than last year because of larger redemptions to come. With this transaction, the Agency has already achieved more than 15% of this amount.

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