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Belgium 2023 funding plan

EUROZONE ISSUANCE
  • Gross borrowing requirement E51.07bln (E48.49bln in 2022, last investor presentation had expected E45-48bln).
  • Net financing requirement is E27.54bln (E18.35bln in 2022).
  • M-T/L-T redemptions E21.13bln; E2.09bln of buybacks of 2024 debt.
  • E45bln of OLOs to be issued (E44.13bln in 2022 from initial target of E41.20bln) and E2bln of EMTN/Schuldscheine funding (none in 2022 from E3.0bln initial target).
  • TC stock expected to increase by E1bln (expected stock at Jan 1 2023 = E33bln).
  • Up to 3 new benchmark OLOs intended to be launched in 3 syndications (3 in 2022).
  • New 10-year and at least one long-term (20 / 30-) OLOs to be launched, the third maturity determined by market conditions.
  • 11 conventional auctions scheduled which can be cancelled for syndications - monthly except December (11 originally planned in 2022 but only 7 held).
  • 8 ORI operations up to E500mln each (6-7 to be held in 2022, from initial expectation of 8).

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