Belgium

ING Belgium has mandated leads for its first covered bond deal since September 2015 and, after being 150 years in operation, Berlin Hyp has announced plans for a ‘jubilee’ transaction in the form of a mortgage backed five year.

The Covered Bond Investor Council (CBIC) has responded to the European Commission’s (EC) proposed covered bond directive, requesting a more precise definition of eligible assets among a number of other recommendations.

The European Central Bank (ECB) has proposed new powers that could allow it to control elements of foreign clearing houses’ operations (CCPs) in “exceptional” crisis situations, according to a leaked position paper. This is likely to escalate already tense relations with US regulators.

KBC Group has moved a year in advance to take a chunk out of its refinancing requirements in the additional tier one market, pricing €1bn of new paper in line with where its closest peers were trading on Tuesday.

The Belgian government has laid out its proposal for a deal with previous owners of Arco Group, the former shareholder in Dexia Bank, which would allow Belfius Bank to proceed with its IPO.

The IPO of Belgian bank Belfius has been delayed, likely until the autumn, as the company is still waiting for the go-ahead from the Belgian government to prepare the sale prospectus.

Guarantors: Kingdom of Belgium (51%), Republic of France (46%) and Grand Duchy of Luxembourg (3%)

A top US derivatives regulator on Wednesday went into battle against his European counterparts over their new proposal that will increase the stringency of the EU’s oversight of foreign clearing houses.

The European Commission has warned the UK that special tax rules for commodity derivatives in the country might be in violation of European Union treaties.

Belfius sold €200m of callable tier two bonds on Monday in a deal that it said would "contribute to an optimal capital structure" for the bank.

Bond clearing house Euroclear intends to move its holding company from the UK to Belgium as it prepares for the “risks” posed by the UK’s departure from the European Union.

Belfius Bank said on Tuesday that it was ‘exploring opportunities’ for issuing up to €200m of new tier two bonds, which would help the issuer to improve the composition of its capital stack.