Belgium
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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 -
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
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Belgium and two European agencies also mandated, even as the US and Iran failed to reach a peace deal
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◆ Eurofima made rare visit to euro four year conventional curve ◆ New issue premium estimated ◆ Region Wallonne grabs solid order book
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◆ First hybrid from Belgian utility since 2023 ◆ Size rises by €400m from benchmark ◆ Final book shrinks sharply by allocations
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◆ Bank prints first Belgian covered in over six months ◆ Issuer caps order size at €750m from start ◆ Covereds this week offering more new issue concession
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Eight banks provided the loan, which can switch by lenders' consent
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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
