By Emese Bartha
Belgium's gross borrowing requirements will amount to 59.55 billion euros ($69.35 billion) in 2026, an increase of 5.90 billion euros compared with 2025, the Belgian Debt Agency said in its borrowing program on Friday.
Next year's net financing requirements would amount to 26.37 billion euros, a figure that takes into account the recent budgetary decisions of the federal government for the years 2026-29, the debt agency said.
Redemptions of medium- and long-term debt would amount to 28 billion euros next year.
The debt agency plans to issue 51.60 billion euros in government bonds, or OLOs, next year, an increase of 5.90 billion euros versus the current year. It envisages to launch three new fixed-rate OLOs, it said.
The debt agency plans to buy back bonds maturing in 2027 and 2028 for an amount of 4.60 billion euros next year, it said.
Belgian government bonds showed no reaction to the increasing issuance. The 10-year OLO yield rises 0.6 basis points to 3.293%, while the 10-year German Bund yield is up 0.8 basis points at 2.778%, according to Tradeweb.
As for the new bonds, the debt agency plans to launch a new 10-year and a new five-year benchmark, as well as one new OLO in a long maturity, the debt agency said.
"If investor demand and major changes in the yield environment warrant issuance in different maturities, this can of course still be considered," it said.
The debt agency does not anticipate launching a new green OLO next year, but both existing green OLOs--with maturities in April 2033 and April 2039--can be reopened at auctions and in the ORI facility, subject to market demand.
The average life of Belgium's debt portfolio reached 10.00 years as per Nov. 30, 2025, and the duration amounted to 7.44 years, the debt agency said. In 2026, the average life of the debt portfolio will again be required to exceed 9.25 years, it said.
Write to Emese Bartha at emese.bartha@wsj.com
(END) Dow Jones Newswires
December 05, 2025 06:30 ET (11:30 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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