Belgium
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Fagron, the Belgian-Dutch pharmaceutical compounding company, completed its recapitalisation on Tuesday as banks sold the €5m rump of its rights issue in a swift accelerated placement.
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The European Commission is expected to include extra funding for the European Banking Authority in an upcoming budget proposal to help the regulator pay for an expected relocation to the continent. -
The European Securities and Markets Authority (ESMA) is stepping up regulatory oversight of contracts for difference and other products it deems ‘speculative’ that are sold to retail investors.
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Bekaert, the Belgian maker of steel wire products, launched a €380m convertible bond on Thursday, happening to choose the same day as BP to launch its deal, after a long quiet period in the market.
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Belgium has sold a June 2040 private placement with a coupon linked to the European consumer price index, following in the footsteps of Italy which placed a 30 year inflation-linked note on May 4.
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ASIT Biotech, a Belgian company developing remedies for allergies including hay fever, priced its IPO on Wednesday, raising €23.5m, and made its debut on Euronext Paris and Brussels on Thursday.
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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.
