2023-08-26 10:12:02
par Niels Saelens
posted on Saturday August 26th, 2023 at 12:12 PM •
4 min read
The one-year state bond is unanimously accepted by Belgians. The Debt Agency indicates that during the first 36 hours of issue, 4 billion euros have already been invested in the State bond. The government bond is therefore on track to break Leterme’s bond record.
Why is this important?
With the one-year state note, the federal government wants to put pressure on the banks to adjust the savings rates upwards. Currently, the government bond yields more than any savings bond.
In the press : The one-year government bond is a resounding success.
Within the Federal Debt Agency itself, through the Ledger Service, 2 billion euros have already been invested in the State bond. The government agency has already recorded 56,532 subscriptions, which means that an average of 33,000 euros per person have been invested in the State bond in this way. Thirteen banks, including BNP Paribas Fortis and Belfius, also offer State bonds. In this way, the Belgians have already invested 2.1 billion euros in the State note.
Details : The one-year government note has performed much better than the three- and ten-year government notes in the last two issues this year.
By way of comparison, the first issue brought in 262 million euros for the Treasury and the second 127 million euros.
A new record in perspective?
Zoom out : The government was able to raise no less than 5.7 billion euros in 2011 with the Leterme voucher.
Everything seems to indicate that Finance Minister Vincent Van Peteghem’s ticket will smash this record. Jean Deboutte, director of the Federal Debt Agency, does not rule out that the government might finally raise 10 to 20 billion with the state bond. HAS The standard, he adds that the good Leterme had started slowly at the time. “This time around, we’re starting off really fast, I think, and we’ll see the amounts gradually come down. But it is not yet certain”, it seems. The deadline for subscribing to the one-year government loan expires on September 1. The show will follow on September 4.
To note : The interest rate of the Van Peteghem State bond is lower than that of the Leterme State bond in 2011. At the time, investors might then choose from several maturities. The most popular bond, with a term of five years, had an interest rate of 3.4% net. Those who invested in the current government’s one-year bond received 2.81% net.
A new show in December?
Zoom in : It is possible that Van Peteghem will launch a new issue of one-year government bonds in December. He thus wishes to put pressure on the banks so that they increase the savings rates.
If nothing or little moves in the savings market, it is very likely that we will repeat this exercise in December,” the minister said in an interview with Thursday evening. VTM News. Since the launch of the term account, several banks have (temporarily) increased the interest rates on one-year term accounts, or have launched such a product. Several accounts earn net interest as high as the state note. At Beobank and Deutsche Bank, the yield is even slightly higher. Meanwhile, financial institutions are not touching savings account interest rates. The minister has therefore not quite succeeded in achieving his objective.
(JM)
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