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Financial institutions complete benchmark €7 billion 2.6% OLO by Kingdom of Belgium

May 2025

Client(s) Financial institutions

Jones Day assisted the financial institutions in connection with the issuance of a five-year benchmark €7 billion 2.6% OLO (the “OLO 105”) 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/ AA- (Fitch) negative.

The transaction saw strong participation from the outset, with the orderbook growing to over €72 billion at closing. This represents the largest orderbook for an OLO syndication in the 5-year tenor sector, and Belgium’s third largest EUR orderbook to date.

The funding plan for 2025 includes an expected issuance of €42 billion of OLOs. With this transaction included, a total of €28.174 billion has already been issued, or 67.1% of this amount.

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