Belgium

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.

Three eurozone sovereigns all extended their euro curves with huge order books for syndicated transactions this week in a sign of rampant investor appetite for long-dated debt.

Belfius Bank and Santander found strong support among bank treasury investors in the euro market this week, helping them to print new preferred senior deals at very low yields.

Banco Santander has followed Belfius Bank in launching a very successful new seven year bond this week, as bank treasury accounts lend their support to low yielding preferred senior paper.

Warehouse De Pauw (WDP), the Belgian operator of logistics sites and warehouses, raised €200m in an overnight equity block trade on Wednesday.

Portugal mandated banks on Tuesday to lead the sale of a new 30 year bond as it looks to pounce on the strong investor appetite in the long end of the euro curve.