Belgium
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Groupe Bruxelles Lambert, the Belgian investment holding company, won a bigger than expected take-up for its buyback of bonds exchangeable into shares of Engie this week. -
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Investors poured into Belgium’s debut 50 year benchmark vintage this week, with demand so strong that bankers are confident other issuers could soon sip liquidity from the ultra-long tenor.
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Belgium cracked open its 50 year bond vintage on Thursday with a deal that drew plenty of praise — while the level of demand even surprised some of those working on the trade.
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The low interest rate environment is causing investors to look at longer and longer paper in search of yield. Issuers are seizing the chance for long funding with private placements.
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Thursday was the busiest day of the year so far for euro bank capital, as FIG borrowers betrayed nerves over how long investors’ risk appetite might last.
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Belgium is set to bring a private dabbling in ultra-long debt issuance into the public sphere, as it mandated on Wednesday for a debut 50 year euro benchmark a week after placing its second 100 year medium term note.
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KBC showed holdco pricing has not yet reached consensus, as bankers struggled to agree on fair value for the bank’s blowout senior debut this week.
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KBC was more than 10 times oversubscribed for its holding company-issued senior debut on Wednesday, providing further evidence of the asset class's growing success in Europe.
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Concerns about further delays to the finalisation of the Markets in Financial Instruments Directive II were raised this week, after communications between the European Commission and the European Securities Markets Authority (ESMA) appeared to have become strained.
