2023-08-18 19:20:33
The saver who will receive a one-year State bond will be charged a lower commission paid to the banks than initially announced by the Minister of Finance.
Good news for savers. While the commission paid to banks for the distribution of one-year government bonds was initially announced at 0.5%, it is now set between 0.1 and 0.3%. These State bonds, intended exclusively for private individuals, will benefit from a withholding tax of 15%, instead of the usual 30%. The objective of Finance Minister Vincent Van Peteghem? Offer an additional return on this investment, to compete with savings accounts and encourage banks to raise their interest rates. The coupon will be determined on Tuesday, August 22.
If interest rates remain at current levels, the net yield on this one-year government bond might be around 2.6%, more than the highest-yielding savings account on the market. But some banks mightof course, adjust their interest rates in the days and weeks to come.
The level of the commission is actually the result of a negotiation between the underwriters and the Debt Agency. This resulted in a fluctuation between a minimum of 0.1% and a maximum of 0.3% from an elapsed volume of 150 million euros. It is therefore less than the advertised 0.5% levy par le ministre Van Peteghem.
This percentage is paid to the banks a posteriori but the Debt Agency deducts a forecast of these costs upstream to determine the gross coupon of the government bond. “As we expect large volumes, the percentage to be deducted should turn between 0.1 and 0.3%,” Jean Deboutte told Le Soir newspaper. The one-year OLO appears this Friday at 3.65%.
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