Belgian Sovereign

Belgium managed to auction €2bn of new paper on Monday morning despite a credit rating downgrade on Friday night. Some of Europe’s worst hit sovereign markets saw yields and spreads against Germany tighten on hopes that the IMF was building a rescue package for Italy and Spain.

Belgium managed to auction €2bn of new paper on Monday morning despite a downgrade on Friday night. Some of Europe’s worst hit sovereign markets saw yields and spreads against Germany tighten on hopes that the IMF was building a rescue package for Italy and Spain.

Leads Barclays Capital, BNP Paribas, HSBC and ING released guidance of 83bp to 85bp over mid-swaps on Tuesday morning. They sounded out investors at low to mid 80s level the day before.

Kingdom of Belgium announced a 15 year benchmark on Monday morning, aimed at capitalising on improved secondary trading conditions since last week.