It is the largest issue of this type of bond ever made in Belgium and it is a clear signal to Belgian banks that they have been too slow to raise the savings rates on their accounts.
According to a statement from the Belgian National Debt, the purpose of the issue is to stimulate competition among banks and raise interest in savings among households.
Just over 600,000 private individuals participated in the issue and the coupon rate can be compared to an average interest rate on Belgian savings accounts of around 3.10 percent, according to statistics from the European Central Bank (ECB).
Similar bonds aimed directly at households have also been issued in Italy, the United Kingdom and Hungary in the near future, and a new issue in Belgium may be considered as early as December, according to the National Debt Office in Brussels.