Belgium
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Issuer braves market volatility to move ahead alone ahead of competing supply, achieving largest unsecured book -
◆ 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
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◆ RBC prices debut euro dual trancher ◆ Minimal attrition despite 'ridiculously tight' spread ◆ KBC finds demand for senior non-preferred
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◆ Both deal and book sizes break records ◆ 'Normal' pricing approach and NIP paid ◆ Portugal, Italy next up
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◆ New issue premium estimated ◆ Partial pre-funding ◆ Baden-Wuerttemberg 'through fair value'
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◆ Issuer 'happy they got the deal done given current levels' ◆ Fair value debated ◆ €500m trade confirmed as 2026 prefunding
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◆ Belfius pre-funding for 2026 ◆ RBI deal more than seven times subscribed ◆ Softness earlier in the week 'just a blip'
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◆ Inaugural green bond for Belgian real estate ◆ Solid demand at allocation despite orderbook attrition ◆ Low single-digit new issue premium paid
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◆ Big order book achieved ◆ Coupon set to land north of 4% ◆ Attractive pickup over swaps
