Belgian Sovereign
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There was another scorching start to the year for eurozone sovereigns this week with yet more records dropping as Belgium took its largest ever number of orders and Austria sold its biggest ever deal from its largest ever book. But it was the nature of the successes — Belgium with a long dated trade and Austria the most expensive 10 year of the year so far — that really caught the eye. -
Several public sector borrowers tapped the socially responsible investment (SRI) market this week, with more deals expected in February, before what many analysts expect will be a record year for the asset class.
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Belgium will begin increasing the size of its €4.5bn April 2033 Green OLO through multiple auctions in 2019.
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Austria's 10 year syndication on Tuesday received a final order book that was almost twice the size of its previous record volume. Belgium was also in the market with its second OLO of the year, opting this time for a much longer maturity. Both deals were in keeping with eurozone sovereign supply this year, comfortably printing a combined €10bn from over €55bn of orders.
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Austria, Belgium and Greece went out with mandates for syndications at various parts of the euro curve on Monday, just a day before a crunch vote in the UK Parliament on amendments to prime minster Theresa May’s Brexit plan. But bankers said concerns around Brexit are limited and are no roadblock to sovereign issuance.
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Ireland is looking at the possibility of issuing its first ever benchmark inflation linked bond in 2019, amid an expected surge in the euro public sector linker market this year. Meanwhile, Portugal is waiting for the final approval of its inaugural Panda bond, which will be sold as part of an Rmb6bn three year programme.
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Belgium and KfW received well oversubscribed order books for 10 year euro benchmarks on Tuesday, with several public sector borrowers set to follow in the euro market this week.
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The European Financial Stability Facility rebooted the euro public sector market on Monday with an intraday execution ahead of what SSA bankers expect to be a busy week for supply. Belgium and KfW are already on screens for benchmark trades in the 10 year part of the curve.
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Belgium is planning to issue two new fixed rate OLO benchmarks next year — a 10 year and a long term bond with a minimum maturity of 15 years, the sovereign’s debt agency said on Wednesday.
