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Belgium to issue retail 1/3-year Bons d'Etat in March

EUROZONE ISSUANCE
  • Belgium has announced that it will issue up to E6bln of 1/3-year Bons d'Etat in March.
  • Note that Belgium issued E21.89bln in Bons d'Etat in September and in its issuance plans for 2024 put a target of E13.5bln for 1-year Bons d'Etat and E2bln for 3/2/8/10-year Bons d'Etat.
  • So this E6bln maximum volume is using up just under half of the amount allocation in the plan (presumably with another issue expected in September when the current 1-year issued matures).
  • These are retail only bonds - but as the BDA anticipated these in its funding plans and is putting a limit on these issues, they should not alter TC and OLO issuance targets for 2024 (like they did in 2023 following the huge September issue).

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