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BE-strips
Since 1992, the capital and all interest payments (coupons) of a linear bond can be negotiated as autonomous dematerialised zero coupons.
Since 2011, these zero coupons have been made fungible if they have the same maturity, regardless of whether they represent the capital or the interest. Zero coupons can be converted to linear bonds with the same maturity if the BE-strips are added in proportion to the remaining interest payments and they have the same interest maturity date.
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Belgian Treasury Bills
See "Euro-Commercial Paper"
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BGC Brokers LP
Electronic trading platform where various securities representing sovereign debt are traded.
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Brokertec Europe Ltd
Electronic trading platform where various securities representing sovereign debt are traded.
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BTB
See "Euro-Commercial Paper"
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Buy-backs
See "buy-backs"
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Buy-back
Buy-back of loans (essentially linear bonds which are less than 12 months away from their final maturity) carried out by the Treasury via MTS Belgium's electronic platform. These transactions are made at a determined price in a separate segment of the platform ("Belgian Buy-backs" - BBB) to which only the Treasury, primary dealers and recognized dealers have access. The Treasury displays the purchase costs there. It can accept the sales prices displayed in this segment by the primary dealers and the recognized dealers. These dealers may also contact the Treasury by telephone to take part in this buy-back programme.