Cases & Deals

Financial institutions complete benchmark €4 billion 3.45% OLO by Kingdom of Belgium

Client(s) Financial institutions

Jones Day assisted the financial institutions in connection with the issuance of a 20-year benchmark €4 billion 3.45% OLO (the “OLO 99”) 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) (stable/stable/negative).

The keen interest in the transaction and the high quality of the orders allowed €4 billion to be placed with domestic and foreign investors.

The Belgian Debt Agency plans to issue a total of €45 billion in OLOs in 2023. With this transaction, a total of €26.028 billion was already issued this year, realizing 57.8% of that amount.