Belgium bags 30 year after Greek bail-out

The resolution of a bail-out package for Greece has not had the euphoric effect some expected as although the country’s auction of six and 12 months bills went well, spreads, after initially tightening, have widened again. The Kingdom of Belgium was able to take advantage of the calmer backdrop in the wake of the Greek bail-out package to issue a 30 year OLO, which will be priced today at 58bp over mid-swaps — guidance was 57bp-60bp over. At midday, books were more than Eu6bn. Agence Française de Développement (AFD) has issued its largest transaction— a Eu1bn 10 year — the dominant buyers of which were French insurers. Read EuroWeek on Friday for commentary on Belgium and AFD, and analyst and investor feedback on Greece.