The new State Notes of March 2024

A Belgian flag over the Grand-Place in Brussels

Subscribing via Keytrade Bank will be possible on our transaction site from 22 February 2024 until 29 February 2024 included.

The Belgian State is issuing two state notes:

  • a State Note with a duration of 1 year (4 March 2024-2025 with ISIN BE3871294240): 3.00%
  • a State Note with a duration of 3 years (4 March 2024-2027 with ISIN BE3871295254): 2.50%

How to subscribe

That's quite straightforward!

  • Go to our transaction site

  • Make sure that there is enough cash on your trading account

    In order to be able to subscribe to a State Note, you need to confirm your wish to trade in non-complex instruments via the 'knowledge and experience' test.

  • Fill out the ISIN code in the search and select the line

  • Subscribing is done by placing a buy order

    Please put 100 % in the execution price


  • Coin in hand illustration 3 (CTA)

    Coupon, maturity dates and ISIN codes

    • Coupon & ISIN code:
      • 1 year State Note: 3.00 % & ISIN BE3871294240
      • 3 years State Note: 2.50 % & ISIN BE3871295254
    • Maturity date of the interest: at each maturity date of the interest, the payment of this interest will be done automatically without extra formalities.
    • Maturity date: at the maturity date of the State Note your capital will be reimbursed automatically without extra formalities.
  • Notification bell illustration (CTA)


    Keytrade Bank is not charging any costs for the subscription to this State Note on the primary market during the subscription period nor any custodian fees after subscription. Please consult our tariffs for bonds transactions on the secondary market.

  • Office tower building (CTA)


    • Withholding tax: 30%.
    • Tax on stock exchange transactions:
      • during the subscription period and at maturity: no tax
      • when buying or selling on the secondary market, and if the transaction takes place in Belgium: 0.12% (since 01/01/2018) with a maximum of 1,300 euros
    • Tax on securities accounts: 0.15% (if applicable)
  • Pile of coins illustration (CTA)

    Amount and purpose

    The minimum subscription amount is 100EUR . Your chosen amount needs to be a multiple of 100. These State Notes offer individual investors the possibility to diversify their savings. They are offering fixed returns that are in line with the quality of its issuer The Belgian State and they give an exact idea of the amount of the return on the invested capital and of the exact date of this return.

    Once the State Notes issuance of March 2024 should have reached the maximum amount of 6 billion EUR of invested capital, the subscription module will be closed.

  • Bank Building illustration (CTA)

    Listing and liquidity

    These State Notes will list on Euronext Brussels where they can be sold or bought on the secondary market every working day after the issue date.


Each investment entails risks.

Issuer Risk

The reimbursment and payment of interest depend on the solvency of the issuer. This credit risk of the Kingdom of Belgium is monitored by the most important rating agencies such as S&P, Moody's, Fitch and DBRS. The Federal Debt Agency publishes a large number of these ratings on its website:

Market risk

The market price of State Notes may fluctuate due to a number of factors, including changes in interest rates. Investors wishing to sell their State Notes before maturity will have to do so at the market price. This may result in a capital gain or loss compared to the nominal value of the State Notes.

Liquidity risk

A liquidity provider appointed by the Belgian State, Florint BV, ensures the liquidity of the State Notes. This means that it is possible to buy or sell a State Note at any time.

Inflation risk

The rise in prices of goods and services in the wider economy can reduce the purchasing power of the amount initially deposited at the moment it is reimbursed.