BRUSSELS – The Kingdom (TADAWUL:) of Belgium today began a pre-stabilization period, in anticipation of its next issuance of 10-year fixed rate bonds, maturing on June 22, 2035. JP Morgan SE was designated as a stabilization body. Coordinator, at BNP Paribas (OTC:) Fortis (NYSE:), Crédit Agricole (OTC:) CIB, HSBC and Morgan Stanley (NYSE:) as stabilization managers.
The overall nominal amount of the new securities is set at the reference level in EUR, with the specific offering price still to be confirmed. The bonds, which will be available in denominations and increments of 0.01 EUR, will be listed on the Brussels Stock Exchange.
The stabilization period, which begins today, is expected to last until February 7, 2025. During this period, stabilization managers are allowed to over-allocate securities up to 5% beyond the aggregate face amount. These actions are intended to support the market price of the securities after issuance and may include transactions aimed at maintaining the price above market levels. However, there is no guarantee that the stabilization activities will take place and, if initiated, they may be interrupted at any time within the stipulated time frames.
This stabilization measure is in line with Commission Delegated Regulation EU/xxx/2016 under the Market Abuse Regulation (EU/596/2016). The over-allotment and stabilization operations, if carried out, will be executed over-the-counter, the locations being to be confirmed.
The announcement clarifies that this information is only intended for people with professional investment experience or high net worth individuals in the United Kingdom, and should not be used by other residents of the United Kingdom. Similarly, within the European Economic Area (EEA), only those who are qualified investors within the meaning of the Prospectus Directive or those to whom the offer may lawfully be made must act on this information.
This strategic financial maneuver is based on a press release and provides a window into the Kingdom of Belgium’s approach to managing its new debt issues in the current economic context.
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