Belgium
-
Belgian pharmaceutical company has made three acquisitions this year -
◆ Large size ◆ Pricing ‘on the money’ ◆ Getting squeezy versus OATs
-
◆ Deal four times covered ◆ Walloon used as reference ◆ Higher than average tightening
-
The facility's ESG features will be finalised before the end of the year
-
◆ Book supports large deal despite attrition ◆ Belgian scarcity makes finding fair value tricky ◆ 1.5 day execution chosen to aid price discovery
-
No competition expected as investors hunger for covered paper across the curve
-
◆ German states are performing well ◆ Placing fair value for the Länder segment is hard ◆ 15-year deal tightened 3bp
-
◆ First out of three Belgian euro syndications proved a hit ◆ Usual 2bp premium paid ◆ Italy to follow with potential €20bn deal
-
In euros, KfW and Belgium will test new year clearing levels
-
DCM team responded to issuers’ heightened need for advice on capital this year and plans to expand in this competitive area
-
Luxembourg market draws closer to extinction
-
◆ 'Investors seem to be buying' in euros ◆ Institutional community's tap tightened 4bp ◆ Deal’s coverage ratio was issuer's highest this year
