The Kingdom of Belgium - State Notes

  • Annual coupon
  • Kingdom of Belgium: high-grade issuer (Moody's Aa3 / S&P AA rating)
  • Term to maturity of 10 years

From  24 August 2023 through 1 September 2023(4 p.m.) (included), you can subscribe to the new State Notes issued by the Kingdom of Belgium (the "Issuer").

Main features

ISIN code


Issue Date 4 September 2023
Maturity Date 4 September 2024
Issue price 100.00%, i.e. 100 EUR per denomination.
Amount repaid at the Maturity Date 100%, except in the event of bankruptcy or risk of bankruptcy of the issuer.
  • Yearly coupon of 3,30% (gross) per denomination, payable annually, on 4 September starting on 4 September 2024 until and including the maturity date, except in the event of bankruptcy or risk of bankruptcy of the issuer.
  • Gross yield of 3,30% based on an issue price of 100.00% and going from a reimbursement of 100.00% at the maturity date. This means a net yield of 2,81% after reduction of the withholding tax of 15,00%.
Withholding tax The income resulting from the State Notes on 1 year, which is collected in Belgium, is subject to withholding tax of 15,00% on the gross amount. The withholding tax constitutes the final tax for Belgian individuals, which means that any income from the bonds would not have to be declared in the annual tax return. The above mentioned taxation applies to the average non-professional client-physical person residing in Belgium. The tax treatment depends on your individual circumstances and may change in the future.
Taxes on stock market transactions On the basis of the current tax legislation the rate of the tax on stock market transactions (TOB) when selling before maturity date is equal to 0.12% (with a maximum of EUR 1.300).
Publication of the product's value
Investors can check the price of the Notes in their custody account or request it at any KBC branch.
Governing law The State Notes are governed by Belgian law
Issuer rating

Moody’s Aa3 (stable outlook)

Standard & Poors AA (stable outlook)

These ratings are indicative and do not constitute a recommendation to buy, sell or hold the Notes issued by the Issuer.

Most important risks
  • Credit risk: Repayment and interest payments depend on the solvency of Issuer. It is believed that the Kingdom of Belgium currently has ample financial resources to comply with the financial commitments entered into.
  • Liquidity risk: The secondary market for this issue depends on the general liquidity of the international financial markets. There is no guarantee whatsoever that an active market will develop for the trading of the State Notes.
  • Risk of fluctuations of the price of the product (Market risk): The market price of the State Notes can fluctuate due to various factors such as the rating of the Issuer and interest rate movements. Investors seeking to sell their State Notes before maturity will have to sell them at the market price. This could result in a capital gain or loss being made on the nominal value of the State Notes.
  • Risk of inflation: If the economic environment of high inflation were to persist in the coming year, as is currently the case, real returns could be negative.
  • Trading fee: When selling the bonds for the maturity date, a trading fee of up to 0,85% (with a minimum of EUR 25) will be due.
  • Distribution fee: KBC Bank receives from the Belgian State a fee of 0.10% on its subscribed amount and a variable fee that shall not exceed 0.20% of the subscribed amount.
  • Schedule of rates and charges: All rates and charges applying at KBC Bank NV can be found at Investments - KBC Banking & Insurance


Listing The State Notes will be listed on NYSE Euronext Brussels and the possibility of trading the State Notes on the regulated market of NYSE Euronext Brussels will be requested (

This product (the ‘State Note’) is a debt instrument intended for investors who have the necessary knowledge and experience to assess the benefits and risks of an investment in this type of product, based on their financial situation, to estimate the advantages and risks of an investment in this type of instrument (more in particular, investors who are familiar with interest rates).

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* There is no prospectus available.

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