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Financial institutions complete benchmark €6 billion 4.35% OLO by Kingdom of Belgium

February 2026

Client(s) Financial institutions

Jones Day assisted the financial institutions in connection with issuance of a 30-year benchmark €6 billion 4.35% OLO (the “OLO 107”) 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 very strong participation from the outset, with the orderbook growing in excess of €112 billion, and with 415 individual orders, encouraging the Belgian Debt Agency to set the new issue size at €6 billion. Both the number of orders and the orderbook size mark new records for the Belgian Debt Agency. This represents the largest 30-year benchmark issued by the Kingdom of Belgium to date.

Following today’s 30-year transaction, the Belgian Debt Agency has already raised 27% of the planned 2026 OLO issuance.

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