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BTBs are short-term securities issued by the Kingdom of Belgium. Their legal and
fiscal status is broadly comparable with the status of
Treasury Certificates.
However, BTBs and Treasury Certificates differ as such from Treasury
Certificates which are only issued in EURO, by auction, and for standardized
maturities. By contrast, BTBs can also be denominated in the currency of other
Member States of the OECD, they are issued on tap and placed by dealers. BTBs
can thus be tailor-made to investors' needs. BTBs denominated in foreign
currencies have been issued by the Treasury since July 1996. The BTB Programme
was adjusted in September 1998 to provide for the issuance of BTBs denominated
in EUR (as from January 1999) and to give to BTBs exactly the same tax status as
to Treasury Certificates. Any natural person or legal entity may hold BTBs,
thanks to the "X-N clearing" at the National Bank of Belgium which is used to
differentiate between holders who are liable for withholding tax on interest and
those who are not.
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 BTBs are :
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short-term (usually inferior to 3 month) securities;
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drawn up in EURO and in currencies of other Member States
of the OECD;
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issued on tap;
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placed by
dealers;
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dematerialized securities held in an accounting system to
which CLEARSTREAM and EUROCLEAR have access. The National Bank of Belgium is the
issuing and paying agent;
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securities with a minimum amount of EUR 250,000 or EUR 100,000(1)
Furthermore :
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payment of interest is free of Belgian withholding tax
for eligible investors.
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market conventions are similar to the ones applied for
Treasury Certificates issued in EUR.
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the amount of the programme remains unlimited.
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+32 (0)2 282 61 19
