EUR 5.0 billion for the new 17-year Belgian OLO 104

On 4th March, 2025, the Belgian Debt Agency issued its second OLO syndicated benchmark transaction for the year: the new 17-year OLO maturing 22 June 2042. The OLO 104 has an annual coupon of 3.450% and was issued at a price of 99.410%, giving a reoffer yield of 3.497%. 

The transaction saw strong participation from the outset, with the orderbook growing to over EUR 37 billion at closing, which encouraged the Belgian Debt Agency to set the new issue size at EUR 5 billion. The 37bn in orders is the highest number for an OLO syndication in the 15-20 years maturity range. 

The funding plan for 2025 includes an expected issuance of EUR 42 billion of OLOs. With this transaction included, a total of EUR 16.389 billion has already been issued, or 39.02% of this amount.

More details on the new 17-year OLO are available in the annex.