Sovereigns align after French and Belgian benchmarks

22 Feb 2013

Kingdom of Belgium and Agence Française de Developpement enjoyed strong demand for five year euro benchmarks this week, but new issue premia of 3bp-4bp apiece showed that the merry days of January are long gone for euro issuers. Nonetheless a pair of oversubscribed deals bodes well for a bevy of sovereign issuers that are eyeing up euros for next week and beyond.

Ireland’s debt management office is rumoured to be considering a 10 year deal next week — and investors are thought to be receptive, provided, of course that Europe’s capital markets aren’t roiled by the results of Italian governmental elections at the weekend.

"The market is there for them but ...

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