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Flemish Community raises €3.5 billion through dual-tranche BM
The Flemish Community has once again demonstrated its strong position in the international capital markets with the successful issuance of a dual-tranche EUR benchmark transaction, raising a total of €3.5 billion.
On Thursday, 20 November 2025, the Flemish Community launched and priced two tranches: a 3-year bond and a short 10-year bond. Both tranches attracted exceptional demand from a broad and diversified investor base.
Short 10-Year Tranche
- Size: €1.75 billion
- Coupon: 3.375%
- Yield: 3.463%
- Order Book: Over €10.4 billion
- Investors: 155 investors from 22 countries
3-Year Tranche
- Size: €1.75 billion
- Coupon: 2.375%
- Yield: 2.495%
- Order Book: Over €9.4 billion
- Investors: 139 investors from 22 countries
The combined order book exceeded €19.8 billion, underlining the strong confidence of international investors in the Flemish Community.
Interested in the geographical distribution and investor profiles? Read more on our Latest Benchmark Issues page.