Belgium
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◆ Combined books peak at over €6.5bn ◆ Deal comes close to target ◆ Cofiroute offers further tight infra supply -
◆ Groupe Bruxelles Lambert and Klépierre launch €500m deals ◆ GBL attracts larger book ◆ Both issuers pay small concessions
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◆ 'Moderate' oversubscription levels ◆ Belfius offers higher NIP for larger size ◆ SpareBank achieves tighter pricing on green five year
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◆ Deal follows same structure as SEB's Monday trade ◆ Market conditions made for 'easy' go/no-go decision ◆ Low new issue premium
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SSA issuers increase focus on PPs amid quieter period for public markets
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◆ Three German states brought a new Joint Länder bond ◆ No book update, KfW curve guides pricing ◆ Flemish Community prints new 15 year
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◆ Half-year close keeps some issuers on sidelines ◆ Bankers expect big euro supply to come ◆ More concession on pricing could be required
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◆ Bermuda-based insurer ends two year tier two absence ◆ Borrower marketed as 'new credit' after UK M&A deal ◆ Outperforms other FIG deals on Tuesday
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◆ Large order book with some attrition ◆ Fair value debated, with hedge funds spotting it tighter ◆ Investors turning more price sensitive, says lead
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◆ Issuer was looking to come to market from Monday ◆ Lead says order book 'highest quality' seen on recent trade ◆ Low single digit concession
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Sovereign ready to tackle rest of 2026 programme with all syndications now wrapped up
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◆ Three syndicated OLOs raise sovereign a record €22bn ◆ Smaller book than last two, but “quality is definitely there” ◆ Usual pricing approach adopted
