Belgium
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Appetite for long‑dated MTNs firm in quiet summer market, say bankers -
◆ First deal since Crelan/AXA Bank Belgium merger ◆ No premium paid ◆ Capped size allows for focus on price
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◆ Large demand leads to large print ◆ Early momentum in quality book ◆ 'Everything flying' but spread to swaps also attracts
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Deal expected to be among the last before summer slowdown with volatility tipped to threaten primary market
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Risk of complacency flagged as issuers continue to fund into summer
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◆ 'Impressive' result for Spanish bank ◆ Raiffeisen Hungary shows CEE appetite ◆ Ageas places short-dated sterling senior
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The cinema group's facility has features that could bump size up by €180m
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◆ Last euro syndication for 2025, done ◆ Good timing as usual ◆ Book is one of sovereign’s largest
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◆ €1.7bn deal gets 2025 funding past the line ◆ Seven year print and 18 year social tap ◆ Bankers say market gives 'good results' and more supply inbound
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Belgian family company is buying Délifrance and a business from Bunge
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◆ Arbitrage attracts Belgium to dollars again ◆ No book updates ‘a little surprising’ and ‘a red flag’ ◆ Investors expected more spread
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◆ New €5bn line opened against ‘not easy’ backdrop ◆ Planned long-end OLO turned out to be 2042 ◆ Flexibility once again serves sovereign well
