Belgian 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 business on Monday, February 24. The source for secondary trading levels is ICE Data Services. -
The euro market, unlike the quiet dollar market, is going from strength to strength for SSA borrowers. However, the tight spreads are starting to make their presence felt, with investors starting to push back.
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Belgium was able to print a large 20 year benchmark bond on Tuesday, pulling in a book of €27bn. But despite the size of the demand, investors were reluctant to follow the price more than 1bp from initial guidance.
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Two public sector borrowers hit screens with new issues on Monday, with Belgium choosing a 20 year and Madrid opting for a 10 year sustainable bond.
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Italy and Belgium were the latest eurozone sovereigns to build their largest ever order books for syndicated bonds on Wednesday, with the former coming close to breaking the record demand from a eurozone issuer set by Spain on Tuesday.
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Spain and Cyprus attracted strong demand for their syndicated bonds on Tuesday, with the former receiving the largest ever order book for a public sector euro benchmark. Italy and Belgium will add to the eurozone sovereign supply on Wednesday after mandating leads for new 30 and 10 year trades, respectively.
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Three public sector borrowers announced dollar benchmarks on Monday, rekindling the market after a quiet week.
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Belgium and Ireland are looking at increasing the size of their green bonds in the fourth quarter. For Ireland it would be the first tap of its green bond since it was issued in October 2018.
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The Netherlands Development Finance Company (FMO), made its Uzbekistani som debut this week to take advantage of funds flowing into EM currencies thanks to low rates in dollars. Elsewhere, euro investors are looking at the ultra-long end of the SSA market.
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Maric Post will take over as director of treasury and capital markets after Anne Leclercq departs the Belgian Debt Agency on July 31.
