Is 20 the new 30 for SSAs? Belgium coins new benchmark

Insurance and pension fund demand is likely to drive further 20 year benchmarks after this week’s triumphant €5bn syndication from Belgium, SSA bankers argued this week. New appetite for the rare maturity particularly reflects the Solvency II directive, under which insurers’ holdings will be assessed using mark-to-market values up to 20 years, writes Craig McGlashan.