For a total issue amount of € 577.9 million, the bond will be used to fund the design, construction, finance and long-term maintenance of the A11 connection and Zeebrugge port bypass in the north of Belgium, which will incorporate nearly ninety civil engineering structures.

The bond (ISIN BE6264859172) matures in September 2045 and carries an annual interest of 4.99 per cent, payable quarterly until March 2018 and semi-annually thereafter.

It benefits from a “project bond credit enhancement” from the European Investment Bank (EIB). This is intended to strengthen the issue’s attractiveness to institutional investors and is part of the European project bond initiative aimed at stimulating capital market financing for infrastructure projects.

This is the second motorway-related project bond that has been listed on the Luxembourg Stock Exchange. The first, for the Scottish motorway network, was listed on 20 February 2014 by Scot Roads Partnership Finance and was also aided by a project bond credit enhancement from the EIB.

Joint lead managers for the Belgian bond were Bayern LB, Belfius Bank and Deutsche Bank.