EUR 8.0 billion for the new 10-year Belgian OLO 106

On 7th January 2026, the Belgian Debt Agency issued its first OLO syndicated benchmark transaction for the year: the new 10-year OLO maturing 22 June 2036. The OLO 106 has an annual coupon of 3.40% and was issued at a price of 99.703%, giving a reoffer yield of 3.436%. 

The transaction saw strong participation from the outset, with the orderbook growing to over EUR 91 billion at closing, which encouraged the Belgian Debt Agency to set the new issue size at EUR 8 billion. This represents the largest orderbook for an OLO syndication to date. The BDA reached over 365 investors with this transaction, also a record in terms of participants.

The funding plan for 2026 includes an expected issuance of EUR 51.60 billion of OLOs, which is 5.90 billion more than last year because of larger redemptions to come. With this transaction, the Agency has already achieved more than 15% of this amount.

More details on the new 10-year OLO are available in the annex.