Belgium
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A glut of short end dollar issuance this week is set to ramp up on Thursday, after a pair of rare names in the currency mandated on Wednesday. The trades will follow a strong showing from Finnvera after the Finnish agency — also an uncommon name in dollars — printed its largest ever trade in the currency. -
Montea, the Belgian real estate investment trust focused on logistics warehouses, has raised €68m, after its one for six rights issue was 91% subscribed, and a rump sale disposed of the rest this morning.
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Strong short end dollar demand led a host of issuers to print tight deals this week, including one debut. Investor appetite is expected to stay strong, but bankers are sceptical that there will be much supply.
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Praesidiad, a Belgian perimeter security company, launched the term loan for its acquisition by private equity firm Carlyle on Monday, in what was a busy week for the market. More than €2.5bn of loan deals have been launched in the past four days.
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Barry Callebaut, the Belgian-French chocolate company now headquartered in Switzerland, has joined the growing, but still very new, trend of companies taking out syndicated loans with margins tied to their sustainability performance.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
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The euro market, despite a week shortened by European holidays, churned out a steady diet of solid deals. The French election, credited with triggering the rally, is growing more distant but the bid for quality fixed income paper remains as healthy as ever.
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The Flemish Community’s second ever outing in the public debt market raised €1.25bn over two tranches, pulling in large books and setting the final spread 4bp inside guidance on one of the legs.
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The Kingdom of Belgium hit the long end in euros on Tuesday, taking advantage of a healthy market to raise €3bn with a 20 year bond. Meanwhile, Nederlandse Waterschapsbank (NWB) announced a tap of a 2041 line.
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The Export-Import Bank of Korea (Kexim) priced a five year euro benchmark on Monday, nipping in with a one day execution ahead of a trio of deals scheduled for Tuesday.
