BRUSSELS: Belgium aims to issue a larger amount of long-term debt in 2015 as it needs to refinance more maturing bonds next year, the country's debt agency said on Tuesday.
The AA-rated sovereign will raise 32.5 billion euros ($40.15 billion) of medium- and long-term OLO bonds in 2015, a touch above the 31.8 billion euros of OLOs issued in 2014. Its 2014 target was 30 billion euros.
While Belgium raised its funding target significantly in previous years, it did not do so in 2014, as it had fewer bonds maturing.
In 2015, Belgium also plans to increase its net short-term debt by about 2.55 billion euros to some 29 billion euros of treasury certificates by the end of 2015.
Belgium's short-term interest rates were negative, meaning it received rather than paid interest for its borrowings, for much of the second half of 2014.
The country's overall gross borrowing requirements for 2015 are 39.90 billion euros, up from 38.77 billion euros. The debt agency has pencilled in a smaller federal budget deficit, but a larger amount of debt maturing -- 28.16 billion euros in 2015 from 22.37 billion euros in 2014.
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