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Belgium 2024 Funding Plan

EUROZONE ISSUANCE
  • Gross borrowing requirement E52.92bln (up from E47.30bln for 2023 - updated today; original estimate was E51.07bln, then updated to E49.07bln in September).
  • Net financing requirement is E21.48bln (original 2023 estimate was E27.54bln).
  • M-T/L-T redemptions E29.27bln with buybacks of E1.50bln (2023 E21.13bln with original plan of E2.09bln of buybacks but revised down to E0.30bln).
  • E41bln of OLOs to be issued (E44.82bln in 2023 from initial target of E45bln), E2bln of EMTN/Schuldscheine funding and E2bln of State Notes with 3/5/8/10-year maturities
  • TC stock expected to increase by E4.72bln to E25bln (original 2023 target was E1bln increase to E34bln then revised to E13.46bln decrease post-September State Notes). 1-year State Note funding target of E13.50bln (down from E21.89bln in 2024 - which wasn't in the original funding plans).
  • Cash surplus by end of 2024 (high now due to 1-year State Notes) expected to "basically disappear" by end-2024.
  • Up to 3 new benchmark OLOs intended to be launched in 3 syndications (3 in 2023).
  • New 10-year, one medium-term (e.g. 5-year) and one long-term (e.g. 30-year) OLOs to be launched.
  • 11 conventional auctions scheduled which can be cancelled for syndications - monthly except December (11 originally planned in 2023 but only 7 held).
  • 8 ORI operations up to E500mln each (6-7 to be held in 2023, from initial expectation of 8).
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