Belgium

The first large IPO in Europe this autumn has gone smoothly

The Belgian food ingredients and speciality chemicals company is proceeding quickly with home listing

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of busiess on Monday, July 5. The source for secondary trading levels is ICE Data Services.

The Belgian region of Wallonia was the only public sector borrower to the follow Tuesday’s jumbo dual tranche by the European Union in the primary market on Wednesday as it raised €1bn with a new long 10 year conventional bond.

Aedifica, the Belgian real estate investment trust focused on healthcare properties, is financing its forward pipeline of investment opportunities with a €300m sale of new shares.

The French Community of Belgium (LCFB) sold its first social bond under its new social finance framework on Wednesday.

Portuguese insurance company Fidelidade is looking to sell a tier two bond this week, three years after first exploring the idea of issuing a subordinated debt instrument.

European banks are trying to lock in funding at longer maturities as they consider whether credit spreads have reached a low point. But demand is less certain at the long end of the market, and some investors are pushing for a higher premium to reflect duration risk.

Bank borrowers returned to a stronger euro bond market on Tuesday, but deal arrangers warned of lingering concern over rates and inflation as KBC Group struggled to draw a crowd for a long-dated offering.

Brussels jumped into the long end this week, printing the longest MTN in over a month.

Hogan Lovells is looking to build a Belgian banking and capital markets practice around a group of five lawyers who were previously at PwC Legal.

Alychlo, the family investment company of Belgian billionaire Marc Coucke, has reduced its stake in Mithra Pharmaceuticals through a €40m accelerated bookbuild on Wednesday evening.