Belgian Sovereign
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KfW is set to print a 10 year euro benchmark, following in the footsteps of Belgium and Finland, this week as issuers attempt to conclude funding before the European Central Bank’s meeting on March 10. -
Two European sovereigns mandated for benchmark bonds in euros on Monday leading what is expected to be a scramble to get in and out of the primary market before the European Central Bank meeting on March 10.
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Belgium has scored the second bumper sovereign trade of the week, building one of its largest books in several years to print a 10 year euro benchmark that enjoyed strong participation from beyond Europe.
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The European Financial Stability Facility and Nederlandse Waterschapsbank on Tuesday brought euro benchmarks in five and seven year maturities. Now much more at those tenors is expected.
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A bevvy of public sector borrowers are lining up euro deals for Tuesday and beyond — but some are opting to hold back price thoughts amid a cluttered and volatile backdrop.
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Deutsche Bank will not be a primary dealer for Belgium in 2016, after the country’s minister of finance, Johan Van Overtveldt did not reappoint the German bank in its updated list for 2016.
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The Belgian Debt Agency will have a reduced gross borrowing requirement in 2016 and also plans to buy back €4.55bn of outstanding debt.
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The Kingdom of Belgium has added to its longest dated bond, a 100 year private medium term note, and is open to printing more at the long end of its maturity curve.
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A pair of oversubscribed deals at the long end of the curve in euros this week has reopened a market that has been moribund for much of the year, as investors come to terms with low yields, writes Tessa Wilkie.
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Belgium on Wednesday printed the largest euro benchmark of 20 years or longer since the European Central Bank began a programme of public sector bond buying earlier this year.
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Belgium has mandated for the first fixed rate benchmark longer than 20 years in the sovereign, supranational and agency sector in euros since February, while an Austrian agency also found demand at the long end of the euro curve.
