New 10-year USD benchmark

On Wednesday 26 March, the Kingdom of Belgium issued within the framework of its EMTN programme a new 10-year USD 1 billion bond at a spread of mid-swap plus 67 basis points.

This new bond matures on the 2 April 2035 and has a coupon of 4.50%. 

The issue was immediately swapped to euro to avoid any exchange rate risk. The Belgian Debt Agency thus received EUR 924,21 million, realising an arbitrage, after swap, of more than 5 basis points against the OLO curve.