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EGB FUNDING UPDATE: Belgium 2025 Funding Plan

EGB FUNDING UPDATE
EurozoneBulletMarketsFixed Income Bullets
  • Gross borrowing requirement E44.65bln (down from E50.88bln in 2024 – updated today; original estimate was E52.92bln, then updated to E50.71bln in June).
  • Net financing requirement is E19.43bln (down from E21.36 in 2024 – updated today; original 2024 estimate was E21.48bln):
  • “Assuming the Kingdom’s compliance with the new European fiscal framework”. Note that Belgium has not yet submitted its fiscal plans to the EC, with only a provisional budget for Q1 2025 in place. As such, this figure is “likely to be adapted in the course of 2025”.
  • M-T/L-T redemptions: E22.62bln (2024: E29.27bln), with buybacks of E2.50bln.
  • E42bln of OLOs to be issued (E43.19bln issued in 2024 from an initial target of E41bln). E2bln of EMTN/Schuldscheine funding and E0.25bln of State Notes with 3/5/8/10-year maturities.
  • TC stock expected to stabilise at E36.74bln. 1-year State Note funding target also steady (implying issuance of E1.3bln in 2025).
  • Up to three new benchmarks intended to be launched via syndication (3 in 2024).
  • New 10-year, new 5-year and new 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 2024, but only 7 held).
  • 8 ORI operations up to E500mln each (6 held in 2024 thus far, from initial expectation of 8).
  • “The OLO issuance will be supplemented by alternative financing instruments. They can include: hedged foreign currency issuance and structured products issued under the EMTN program, or other funding instruments, in particular Schuldscheine and the State Notes (Bons d’Etat – Staatsbons, securities issued to the retail public)”.
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  • Gross borrowing requirement E44.65bln (down from E50.88bln in 2024 – updated today; original estimate was E52.92bln, then updated to E50.71bln in June).
  • Net financing requirement is E19.43bln (down from E21.36 in 2024 – updated today; original 2024 estimate was E21.48bln):
  • “Assuming the Kingdom’s compliance with the new European fiscal framework”. Note that Belgium has not yet submitted its fiscal plans to the EC, with only a provisional budget for Q1 2025 in place. As such, this figure is “likely to be adapted in the course of 2025”.
  • M-T/L-T redemptions: E22.62bln (2024: E29.27bln), with buybacks of E2.50bln.
  • E42bln of OLOs to be issued (E43.19bln issued in 2024 from an initial target of E41bln). E2bln of EMTN/Schuldscheine funding and E0.25bln of State Notes with 3/5/8/10-year maturities.
  • TC stock expected to stabilise at E36.74bln. 1-year State Note funding target also steady (implying issuance of E1.3bln in 2025).
  • Up to three new benchmarks intended to be launched via syndication (3 in 2024).
  • New 10-year, new 5-year and new 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 2024, but only 7 held).
  • 8 ORI operations up to E500mln each (6 held in 2024 thus far, from initial expectation of 8).
  • “The OLO issuance will be supplemented by alternative financing instruments. They can include: hedged foreign currency issuance and structured products issued under the EMTN program, or other funding instruments, in particular Schuldscheine and the State Notes (Bons d’Etat – Staatsbons, securities issued to the retail public)”.