Belgian Sovereign
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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. -
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.
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Socially responsible investment deals were the focus of attention in the primary SSA market this week, as the World Bank and the Flemish Community of Belgium sold well-received green and sustainability bonds, respectively. Bank Nederlandse Gemeenten and Eurofima have added to the public sector SRI pipeline, which is showing no signs of slowing down as the year end approaches.
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The Flemish Community of Belgium was twice covered for its debut sustainability bond on Monday, following the completion of a pan-European roadshow last week. Meanwhile, Bank Nederlandse Gemeenten has added to the SRI pipeline after mandating banks for its second sustainability trade of the year.
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The hefty chunk of SRI bond supply from the public sector in the second half of the year shows no signs of slowing down, with plenty in the pipeline — including from a debut issuer.
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The Flemish Community of Belgium will meet investors in November to showcase its new sustainability bond framework, with a trade likely to follow.
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Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3.00%)
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The strong demand that has permeated the dollar market over the last few weeks showed no signs of abating on Tuesday, as a pair of borrowers issued benchmarks that were comfortably oversubscribed.
