Belgium Lifts 2026 OLO Issuance to €51.6bn, Adds Three New Fixed-Rate Benchmarks

5 December 2025

By Marta Vilar – MADRID (Econostream) – Belgium expects to issue €51.6 billion in OLOs in 2026, an increase of €5.9 billion from the €45.7 billion the Debt Agency projects for 2025, according to its funding plan released Friday by the Belgian Debt Agency.

The agency plans to introduce three new fixed-rate OLO benchmarks next year. Issuance under the EMTN program and other alternative instruments, such as Schuldscheine, is seen at €3 billion, while €0.4 billion is envisaged in State Notes with maturities of 3, 5, 8 or 10 years.

Funding linked to the EU’s RRF and SAFE programs is expected to total €1.32 billion.

On the short-term side, the outstanding stock of Treasury Certificates is projected to rise by €1.98 billion, with 1-year State Notes seen increasing by €0.25 billion. The net change in other short-term debt and financial assets is estimated at €1 billion.

Belgium plans to introduce a new 10-year benchmark, a new 5-year benchmark and one additional long-dated OLO next year, though it said issuance at other maturities could be considered should investor demand or shifts in the yield environment justify it.

The BDA does not expect to launch a new Green OLO in 2026. Instead, its two outstanding Green OLOs—OLO86, maturing 22 April 2033, and OLO96, maturing 22 April 2039—may be reopened via auctions or the ORI facility, depending on market appetite.