Belgium
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◆ First visit to public market in 2026 ◆ Fair value estimated by lead bankers ◆ Broader momentum in SSA market supportive
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Recent Italy syndication prompts talk of change in how sovereigns manage syndicates
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◆ Market conditions made going ahead an "easy decision" ◆ Two-year FRN priced flat to fair value ◆ Floaters' secondary liquidity debated
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‘Amazing’ reception for long dated syndications but issuers explore different options amid persistant duration risk
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◆ Belgian utility goes for 10 year paper ◆ Issuer set final size at guidance ◆ Deal skims through fair value
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Pension funds 'very much present' in the deal and central bank demand 'quite remarkable', says issuer
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◆ Sovereign takes plunge into 30 year ◆ Book almost twice that of 2024 deal ◆ Large size, tight NIP, others encouraged
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Issuer braves market volatility to move ahead alone ahead of competing supply, achieving largest unsecured book
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◆ Belgian bank's largest book since at least 2020 ◆ Issuer's first deal to be compliant with the EuGB standard ◆ NIP debated
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◆ Belgian investment firm returns after two-year absence ◆ Strong 10 year point draws hefty demand for extra spread ◆ Orderbook attrition stays low
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◆ Issuer tests appetite with two stage tightening ◆ New issue concession estimated ◆ Buyers pile into Wallonia's shorter tranche
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Two syndicated deals left for 2026; ‘right maturity and timing’ key to issuer’s long-end plan