Debt Situation

Consolidated Debt
Direct Debt
Guaranteed Debt
Current Maturities

Flanders’ consolidated debt amounted to 36.465 billion euros at the end of 2022. That means an increase of 3.021 billion euros, or 9.03% in relative terms, compared to the end of 2021.

Evolution of consolidated gross debt (2020-2022; in millions of euros)

2020 2021 2022
Total consolidated gross debt 30,275 33,445 36,465

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Flanders’ direct debt amounted to 21.850 billion euros at the end of 2022. That means an increase of 4.034 billion euros, or 22.64% in relative terms, compared to the end of 2021.

Evolution of outstanding direct debt at year-end (2020-2023; in millions of euros)

2020 2021 2022 2023¹
Total direct debt 13,935 17,816 21,850 25,780

¹Preliminary figures

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Flanders’ guaranteed debt decreased in 2022. At the end of the year, total guaranteed debt amounted to 11.547 billion euros, including 9.621 billion euros of consolidated guaranteed debt.

Evolution of guaranteed debt (2020-2022; in millions of euros)

2020 2021 2022
Total guaranteed debt 12,296 12,319 11,547

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Flanders’ direct debt is mainly financed through its EMTN programme. In addition, its BCP programme and EU SURE loans are important debt categories.

Outstanding amount (as of 29/02/2024; in millions of euros)

EMTN BCP EU SURE EIB Schuldschein
22,257 1,500 1,195 250 38

Current maturities (as of 29/02/2024)

Type Benchmark? Nominal amount (€) Coupon (%) Maturity date Documents
BCP 1,500,000,000 4.123 19/04/2024
EMTN 626,500,000 1.341 12/06/2025
EMTN 30,000,000 3M Euribor -0.1% (FRN) 19/06/2026
EMTN Benchmark 750,000,000 0.375 13/10/2026 Pricing supplement
EMTN Benchmark 1,200,000,000 0.010 23/06/2027 Pricing supplement
EMTN 120,000,000 3M Euribor (FRN) 29/11/2027
EU SURE 656,651,000 0.000 4/07/2029
EMTN (sustainability) Benchmark 1,320,000,000 0.375 15/04/2030 Pricing supplement
EMTN 56,500,000 1.707 20/11/2030
EMTN Benchmark 1,500,000,000 0.300 20/10/2031 Pricing supplement
EMTN 140,000,000 1.007 10/11/2031
Schuldschein 17,500,000 1.007 10/11/2031
EMTN Benchmark 1,250,000,000 3.625 22/06/2032 Pricing supplement
EMTN Benchmark 1,250,000,000 3.000 12/10/2032 Pricing supplement
EMTN Benchmark 1,530,500,000 3.250 5/04/2033 Pricing supplement
EMTN (sustainability) Benchmark 500,000,000 1.375 21/11/2033 Pricing supplement
EMTN 180,000,000 1.887 12/06/2035
EMTN Benchmark 1,065,000,000 0.125 15/10/2035 Pricing supplement
EMTN Benchmark 800,000,000 1.000 13/10/2036 Pricing supplement
EMTN 60,000,000 3.250 30/11/2037
EMTN 20,000,000 1.656 23/02/2038
EMTN 30,000,000 1.603 1/03/2038
EMTN 125,000,000 3.637 21/06/2038
EMTN Benchmark 750,000,000 1.500 12/07/2038 Pricing supplement
EMTN 10,000,000 1.392 12/11/2041
EMTN Benchmark 1,000,000,000 1.875 2/06/2042 Pricing supplement
EMTN (sustainability) Benchmark 1,500,000,000 4.000 26/09/2042 Pricing supplement
EMTN (sustainability) Benchmark 1,250,000,000 3.250 12/01/2043 Pricing supplement
EMTN 25,000,000 0.400 20/11/2043
EMTN (sustainability) Benchmark 1,000,000,000 1.500 11/04/2044 Pricing supplement
EMTN 25,000,000 0.875 5/06/2045
EMTN 35,000,000 2.317 3/07/2045
EMTN (sustainability) Benchmark 1,250,000,000 0.875 21/03/2046 Pricing supplement
Schuldschein 20,000,000 1.564 12/11/2046
EMTN 115,000,000 1.564 12/11/2046
EU SURE 538,729,000 0.750 4/01/2047
EMTN 30,000,000 3.155 29/11/2047
EMTN 60,000,000 1.863 28/02/2048
EMTN 25,000,000 0.940 12/05/2050
EMTN 110,000,000 1.053 3/06/2050
EMTN Benchmark 2,000,000,000 1.000 23/01/2051 Pricing supplement
EMTN 100,000,000 1.095 3/06/2055
EMTN 30,000,000 0.600 19/11/2055
EMTN 80,000,000 1.874 28/03/2058
EMTN 308,000,000 0.634 19/11/2060
EIB loan (Lantis) 150,000,000 1.398 7/04/2062
EIB loan (Lantis) 100,000,000 2.664 12/12/2062
Total   25,239,380,000      

Want to know more about Flanders’ current maturities? Read every detail in the most recent Cash, Debt and Guarantee Management Report 2022.