Belgium
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Euronext today agreed to a strategic partnership with Morningstar which will bring new indices and derivatives contracts to the pan-European exchange within two weeks. -
BNP Paribas Fortis issued Belgium’s first covered bond of the year on Thursday, taking advantage of the strong market conditions that followed Dutch elections to price a €500m seven year with a tiny new issue concession.
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The €90m IPO of Avantium, the Dutch renewable chemicals company, was covered at its maximum size including the 15% greenshoe on Wednesday, less than three working days into the bookbuild.
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Nyrstar, the Belgian zinc smelting company, on Friday priced a single-B rated €400m high yield bond, and has launched a tender offer to buy back a €120m 2018 convertible bond.
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Belgium’s KBC raised its third and largest ever senior bond from its holding company on Wednesday, as market participants showed a thirst for new bonds despite looming political risks.
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Avantium, the Dutch 'renewable' chemicals producer, intends to raise up to €100m by selling new shares on the Euronext Amsterdam and Euronext Brussels by the end of the first quarter.
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While the French presidential race put many eurozone issuers under pressure this week, some found the conditions ideal, locking in low rates while they could.
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Political volatility in France has buffeted the euro market this week, leaving some public sector issuers floundering as government yield curves spiked. Other issuers have had no such troubles though, thriving amid the turmoil.
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Belgium defied turmoil afflicting European government bond spreads this week, pulling in big books for a dual tranche euro benchmark. The sovereign's success may have emboldened Finland to follow suit with its own barbell transaction.
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The market for public sector euro issuers is springing back to life after a quiet week, with two benchmarks printed on Monday and a sovereign dual tranche expected on Tuesday. But although traffic is returning, conditions are no longer as supportive as in January.
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