Belgium's Record-Breaking Retail Bond Sales Reflect Growing Clout of Household Savers

Belgium has raised a record 21.9 billion euros ($23.65 billion) from savers in a bond sale aimed at pressuring banks to raise deposit rates. This marks the biggest funding drive from households in Belgium's history and is likely Europe's biggest retail bond sale. The demand for the bond is seen as a clear signal to banks to pay higher rates, as discontent grows with lenders failing to keep up with surging interest rates. Bonds issued by governments targeted at savers have become a popular alternative as European lenders resist raising savings rates.