New Issue: Belgium prices upsized $1.5 billion of 1% 10-year notes at mid-swaps plus 36 bps

By Cristal Cody

Tupelo, Miss., May 19 – The Kingdom of Belgium (Aa3/AA/AA-) priced an upsized $1.5 billion offering of 1% 10-year notes on Tuesday at mid-swaps plus 36 basis points, or a spread of Treasuries plus 33.85 bps, according to a market source.

Initial price talk was in the mid-swaps plus 37 bps area.

The deal was upsized from $1 billion.

Citigroup Global Markets Ltd., Morgan Stanley & Co. International plc, Nomura Securities International, plc and Societe Generale were the underwriters for the Rule 144A and Regulation S transaction.

Issuer:	Kingdom of Belgium
Amount:	$1.5 billion
Description:	Senior notes
Maturity:	May 28, 2030
Bookrunners:	Citigroup Global Markets Ltd., Morgan Stanley & Co. International plc, Nomura Securities International, plc and Societe Generale
Coupon:	1%
Spread:	Mid-swaps plus 36 bps, or Treasuries plus 33.85 bps
Pricing date:	May 19
Ratings:	Moody’s: Aa3
	S&P: AA
	Fitch: AA-
Distribution:	Rule 144A and Regulation S
Price guidance:	Mid-swaps plus 37 bps area

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