Belgium

Belgian telecommunications company Telenet, which is owned by Liberty Global, has drawn on €1.2bn of loans to fund the €1.325bn acquisition of Belgian mobile operator, BASE.

In this round-up, Charles Li promises Bond Connect and RMB derivatives, ICBC sees cross-border business booming, Moscow Exchange looks to connect with Chinese investors, offshore RMB (CNH) still a top three currency on the EBS FX trading platform, and China clarifies rules for foreign banks looking to join the onshore FX market. Plus, a recap of the top GlobalRMB stories this week.

Nyrstar has obtained 99.79% of the votes cast in a second extraordinary general meeting to approve its rescue rights issue. The Belgian zinc and lead producer had failed to reach a 50% quorum at an EGM last month.

Belgium has scored the second bumper sovereign trade of the week, building one of its largest books in several years to print a 10 year euro benchmark that enjoyed strong participation from beyond Europe.

The European Financial Stability Facility and Nederlandse Waterschapsbank on Tuesday brought euro benchmarks in five and seven year maturities. Now much more at those tenors is expected.

A bevvy of public sector borrowers are lining up euro deals for Tuesday and beyond — but some are opting to hold back price thoughts amid a cluttered and volatile backdrop.

Nyrstar, the Belgian zinc and lead producer, failed to reach a quorum at an extraordinary general meeting in Brussels today to approve its rescue rights issue. But it had expected this, and is confident the capital raising will be approved at a second EGM in January.

Solvay, the Belgian chemical company, achieved a 95% take-up for its €1.5bn rights issue, which concluded last week, to finance its $5.5bn takeover of Cytec Industries – one of 2015’s most prominent M&A financings in the European equity capital market.

European regulators have dealt a blow to credit default swap investors who are seeking legal reparations against banks on charges of collusion, after the European Commission ditched its long-running antitrust investigation of 13 major banks, citing insufficient evidence.

Xior Student Housing, the newly launched Belgian property company, has completed its IPO, raising €87.8m, with a multiple times oversubscribed book. The money will be used to buy an initial property portfolio worth €196m, through a set of acquisitions.

Deutsche Bank will not be a primary dealer for Belgium in 2016, after the country’s minister of finance, Johan Van Overtveldt did not reappoint the German bank in its updated list for 2016.

The Belgian Debt Agency will have a reduced gross borrowing requirement in 2016 and also plans to buy back €4.55bn of outstanding debt.