Belgian Sovereign
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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. -
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.
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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, April 6. The source for secondary trading levels is ICE Data Services.
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Portugal will be hoping to mirror the success of Belgium after the latter smashed records in the public sector bond market on Tuesday with the biggest ever order book for an SSA borrower in euros. Both Portugal and Belgium have announced an anticipated increase to their 2020 funding programmes as result of the Covid-19 crisis.
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Belgium has picked banks for a seven year benchmark, publishing the mandate just after joining the throng of sovereigns upping their funding requirements. Norway has also raised the size of its borrowing programme.
