The Belgian State launches a new 1-year euro-denominated State Bond with a 3.30% gross rate

The subscription period runs from 24 August 2023 (9am) to 1 September 2023 (4pm) inclusive.

You will find more information on the various subscription options at the end of this page in the "How to subscribe" section. You will also find a link to a brief description of the online subscription procedure if you decide to go for it.

• Issuer: Kingdom of Belgium (Belgian State)
• Issuer rating: Aa3 by Moody's, AA by Standard & Poor's
• Type of securities: dematerialised fixed-income instruments with a single coupon
• Applicable law: Belgian law
• Issue date: 4 September 2023
• Duration: 1 year
• Currency: euro
• Denomination and minimum subscription amount: 100 euros
• Listing on the secondary market: from 5 September 2023 on Euronext Brussels
• ISIN code: BE3871291212

The Belgian State has a good credit rating (Aa3 from Moody's and AA by Standard & Poor's). However, State Bonds are subject to certain risks that should be understood before making an investment decision.

• Issuer risk: the repayment of the capital and the payment of interest depend on the solvency of the issuer. The solvency risk of the Kingdom of Belgium is monitored by rating agencies, including Moody's and Standard & Poor's (S&P). The Federal Debt Agency publishes a large number of these ratings on its website https://www.debtagency.be/fr/datafederalstaterating
• Market risk: the market price of State Bonds may fluctuate due to various factors, including changes in interest rates. An investor who wishes to sell State Bonds before the final maturity date will have to do so at the market price at the time of sale, which may result in a gain or loss compared to the nominal value of the State Bonds.
• Liquidity risk: a designated liquidity provider, Florint BV, ensures the liquidity of State Bonds. This means that it is possible to resell a State Bond at any time.
• Inflation risk: the rise in prices of goods and services in the economy as a whole may reduce the purchasing power of the initial deposit compared to its repayment.

Maximum placement commission of 0.30% of the nominal amount subscribed (see details above), included in the issue price. It is paid by the Federal Debt Agency to BNP Paribas Fortis to compensate for the placement of State Bonds.

No custody fees for these State Bonds.

Free financial services from BNP Paribas Fortis in Belgium.

Transaction fees on the secondary market

• Transaction fee: 0.30% with a minimum of 25 euros.
• Brokerage fee: 0.15%..

Consult the brochure "Tarification des principales opérations sur titres" for more information on the fees related to the services offered by BNP Paribas Fortis to its clients. This brochure is available on the website http://www.bnpparibasfortis.be/tarifs > Fees and taxes.

Tax regime applicable to individual investors in Belgium – The income from this State Bond is subject to withholding tax. The Council of Ministers has approved a bill for this issue that requires a 15% withholding tax. This bill has been submitted to the Council of State. The withholding tax is liberating for individual investors. The tax treatment depends on the individual situation of each investor and is subject to change. Other categories of investors are invited to inquire about the tax regime applicable to them.

Stock exchange tax (TOB) – No TOB on the primary market (i.e. during the subscription period) or at maturity. TOB of 0.12% in case of purchase or sale on the secondary market (with a maximum of 1,300 euros per transaction).

Product information

The Federal State is not required to produce a prospectus for State Bonds. You will find more information about this new State Bond in the informative brochure of the Federal Debt Agency, supplemented by specific information on fees and taxes related to subscription with BNP Paribas Fortis. If you want more information on State Bonds in general, consult the official website https://www.debtagency.be/fr/productsbeinfo 

Monitoring your investment

Investors who have deposited their State Bonds in a securities account with BNP Paribas Fortis will be able to monitor the evolution of their value on a daily basis via Easy Banking Web. The custody of these State Bonds on a BNP Paribas Fortis securities account is free of charge.

The value of State Bonds is also available at any time on the website "NYSE Euronext Brussels" : https://live.euronext.com/fr/search_instruments/BELG 

Any complaint about our investment services should be addressed by mail to BNP Paribas Fortis SA – Complaint Management Service – Montagne du Parc 3, 1000 Brussels or by email to gestiondesplaintes@bnpparibasfortis.com.

If the proposed solution does not satisfy you, you can address your complaint by mail to Ombudsfin – Ombudsman in financial conflicts – North Gate II, Boulevard du Roi Albert II 8 (Box 2), 1000 Brussels or by email via ombudsman@ombudsfin.be

You can file any complaint related to Belgian State Bonds with:

• the Federal Ombudsman – Rue de Louvain 48 (Box 6), 1000 Brussels, by email via contact@mediateurfederal or by phone at 0800 999 61
• the Consumer Mediation Service – North Gate II, Boulevard Albert II 8 (Box 1), 1000 Brussels, by email via contact@mediationconsommateur.be or by phone at 02 702 52 20.