The Kingdom of Belgium (Aa1/AA+/AA+) issued its new 5-year benchmark, the OLO59 maturing on March 2016. The longer maturity was in line with previous operations for the 5-year benchmarks and has always established on-the-run status for an extended period. Market sentiment and spread stability has been on an improving trend over recent weeks. Despite some volatile weeks so far this year, the OLO curve has remained notably resilient and the Kingdom of Belgium has received positive feedback from recent non-deal roadshows with investors. This support, together with broader market confidence, meant the BDA chose to move ahead with its second syndicated benchmark on 2010 following the 10-year in January.