Belgium

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.

Belfius cancelled a consent solicitation for one of its tier two bonds this week after the Single Resolution Board took the market by surprise and broadened the scope of its grandfathering period for ‘Brexit bonds’.

Belgian investment company Groupe Bruxelles Lambert has raised €500m of financing at a deeply negative yield through a new bond convertible into treasury shares.

The EU's Single Resolution Board has this week broadened the scope of English law bonds that will count towards the minimum requirements for own funds and eligible liabilities (MREL), even if their contracts do not recognise EU bail-in powers. The changes prompted Belfius to cancel a consent solicitation for one of its tier twos, which would have been disqualified under the previous grandfathering arrangements.

Club Brugge, the Belgian football club, has begun bookbuilding for its IPO on Euronext Brussels, having fixed the price range at €17.50 to €22.50 a share.

Greece and the Flemish Community are preparing to sell syndicated bonds at the long end of the euro curve following a strong reception for France with the sale of its second green OAT on Tuesday.

Xtrion, the majority shareholder of Belgian semi-conductor company Melexis, sold 1.4m shares in Melexis on Tuesday night. The sale was part of an overall 1.7m package sold to investors in order to increase the Belgian firm's freefloat in the hope that it will join the country's benchmark stock indices.

Belfius Bank is looking to amend the terms and conditions of one of its tier twos so that it can remain eligible for the minimum requirements for own funds and eligible liabilities (MREL). The bond was issued with risk factor language under English law but will now need to be updated to reflect the UK’s departure from the EU.

Belgian football club Club Brugge is teeing up an IPO on Euronext Brussels that will see the side join the small ranks of listed European football clubs.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 8. The source for secondary trading levels is ICE Data Services.