Belgian Sovereign
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A handful of deals could hit the euro market for public sector borrowers next week, with the seven year part of the curve looking particularly attractive — the latest evidence for which was a KfW trade this week. -
The Flemish Community of Belgium has announced that it will roadshow a euro syndication on September 26, while KfW has mandated three banks to sell a benchmark.
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Approaching US money market fund regulation is providing European public sector institutions with perfect conditions to borrow in dollars.
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Belgium has sold a three year dollar benchmark, finding strong demand in spite of a US Federal Reserve meeting scheduled for Wednesday night and the traditionally quiet summer period.
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A string of dollar issuance from public sector borrowers is set to extend into Wednesday, as Belgium mandated in the currency following a pair of deals from an agency and a supranational.
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Belgium has sold a June 2040 private placement with a coupon linked to the European consumer price index, following in the footsteps of Italy which placed a 30 year inflation-linked note on May 4.
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Investors poured into Belgium’s debut 50 year benchmark vintage this week, with demand so strong that bankers are confident other issuers could soon sip liquidity from the ultra-long tenor.
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Belgium cracked open its 50 year bond vintage on Thursday with a deal that drew plenty of praise — while the level of demand even surprised some of those working on the trade.
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The low interest rate environment is causing investors to look at longer and longer paper in search of yield. Issuers are seizing the chance for long funding with private placements.
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Belgium is set to bring a private dabbling in ultra-long debt issuance into the public sphere, as it mandated on Wednesday for a debut 50 year euro benchmark a week after placing its second 100 year medium term note.
