Belgian Sovereign
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Issuer avoided picking a window to print a deal in May
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Debt agency expects to issue €13.5bn of popular one year state notes
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Top European borrowers bring competition in crowded market
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Cyprus upgraded to BBB as debt metrics improve
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Sovereigns take €7bn each while supranationals and agencies also keep euro buyers busy
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The pair raised €8.5bn combined despite the EU draining €12bn from the market the previous day
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The pair announced ESG deals as the EU finalises a well sought-after €12bn transaction
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The agency still rates Brussels higher than both Moody's and Fitch
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Brief reprieve in shaky rates market tipped to encourage sovereign
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of busiess on Monday, July 5. The source for secondary trading levels is ICE Data Services.
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The Belgian region of Wallonia was the only public sector borrower to the follow Tuesday’s jumbo dual tranche by the European Union in the primary market on Wednesday as it raised €1bn with a new long 10 year conventional bond.
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The French Community of Belgium (LCFB) sold its first social bond under its new social finance framework on Wednesday.
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Brussels jumped into the long end this week, printing the longest MTN in over a month.
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Greece and the Flemish Community are preparing to sell syndicated bonds at the long end of the euro curve following a strong reception for France with the sale of its second green OAT on Tuesday.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 8. The source for secondary trading levels is ICE Data Services.
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Three eurozone sovereigns all extended their euro curves with huge order books for syndicated transactions this week in a sign of rampant investor appetite for long-dated debt.
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Portugal mandated banks on Tuesday to lead the sale of a new 30 year bond as it looks to pounce on the strong investor appetite in the long end of the euro curve.
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France and Belgium announced borrowing programmes for 2021 this week. France is aiming for the same amount as this year, while Belgium is paring back its needs.
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The Belgian debt agency has announced its borrowing for 2021, reducing its requirements relative to the amount it has raised in 2020 — although it is a sharp increase relative to the amount it planned to raise this year before the pandemic hit.
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Two public sector borrowers hit the euro bond market on Wednesday, raising what might well be the final benchmark funding of 2020.
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The Belgian debt agency has reduced its gross borrowing needs for 2020 by almost €10bn, with the sovereign’s OLO issuance also expected to be less than previously forecast.
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The European Financial Stability Facility mandated banks on Monday to lead a euro dual tranche transaction in what could be the issuer’s first and final outing of the fourth quarter.
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Communauté Française de Belgique returned in mid-August after a seventh month absence to print a slew of deals for a combined €404m, according to Dealogic.
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Bank of China sold its first ever bond out of its Djibouti branch on Monday, as Chinese issuers pour into capital markets to make up for time lost to the coronavirus pandemic.
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Austria and Belgium could bring syndicated transactions as early as next week, according to SSA bankers, after both sovereigns recently announced bigger funding programmes in response to the coronavirus pandemic.
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The Belgian debt agency has made an upward revision to its funding programme for the year after a re-examination of the impact of the coronavirus pandemic. But the sovereign is closely watching the progress of the European Commission’s Support to mitigate Unemployment Risks in an Emergency (SURE) fund, which would result in lower borrowing from the market.
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The Flemish Community has mandated banks to arrange the sale of new seven and 30 year bonds as the Belgian sub-sovereign looks to pump in cash to finance a budget deficit which has arisen from the coronavirus pandemic.
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France impressed as it received a record €51bn order book and paid a small new issue premium with its first syndication since the outbreak of the Covid-19 pandemic. The sovereign was joined in the long end of the curve this week by two sub-sovereign borrowers as investor appetite for duration grows, with more supply expected to follow.
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The Belgian region of Wallonne took advantage of the growing demand in the long end of the curve to sell its first social bond on Thursday, although it had to pay a chunky new issue premium to do so. Elsewhere, Bpifrance received plenty of demand to print €1.25bn with a 10 year trade.
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France received its biggest ever order book as it came to the market for a 20 year syndication on Tuesday. SSA bankers say that investors are looking for duration after previously sticking to defensive maturities as the Covid-19 crisis eases.
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Dollars was the favoured currency for public sector borrowers for the second week running this week, giving attractive funding conditions for euro borrowers amid strong investor demand, particularly in the 10 year part of the curve.
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Belgium took advantage of more attractive funding conditions in dollars versus euros and strong demand at the 10 year point of the curve to sell its first dollar bond since 2017 on Tuesday. SSA supply in dollars will continue on Wednesday with the Asian Infrastructure Investment Bank and Nederlandse Waterschapsbank bringing socially responsible deals.
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Belgium is set to issue its first dollar bond since 2017 as euro funders continue to take advantage of the attractive funding conditions in the currency, with three other public sector borrowers also in the market for dollars.
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Belgium and Ireland announced increases to their 2020 funding requirements this week, as they look to counter the impact of the coronavirus pandemic.
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The Belgian Debt Agency has announced an increase to its financing requirements for 2020 in response to the coronavirus pandemic, which will see it borrow an extra €20.41bn.