Belgian Sovereign
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Brussels jumped into the long end this week, printing the longest MTN in over a month. -
Greece and the Flemish Community are preparing to sell syndicated bonds at the long end of the euro curve following a strong reception for France with the sale of its second green OAT on Tuesday.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 8. The source for secondary trading levels is ICE Data Services.
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Three eurozone sovereigns all extended their euro curves with huge order books for syndicated transactions this week in a sign of rampant investor appetite for long-dated debt.
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Portugal mandated banks on Tuesday to lead the sale of a new 30 year bond as it looks to pounce on the strong investor appetite in the long end of the euro curve.
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France and Belgium announced borrowing programmes for 2021 this week. France is aiming for the same amount as this year, while Belgium is paring back its needs.
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The Belgian debt agency has announced its borrowing for 2021, reducing its requirements relative to the amount it has raised in 2020 — although it is a sharp increase relative to the amount it planned to raise this year before the pandemic hit.
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Two public sector borrowers hit the euro bond market on Wednesday, raising what might well be the final benchmark funding of 2020.
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The Belgian debt agency has reduced its gross borrowing needs for 2020 by almost €10bn, with the sovereign’s OLO issuance also expected to be less than previously forecast.
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The European Financial Stability Facility mandated banks on Monday to lead a euro dual tranche transaction in what could be the issuer’s first and final outing of the fourth quarter.
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Communauté Française de Belgique returned in mid-August after a seventh month absence to print a slew of deals for a combined €404m, according to Dealogic.
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Bank of China sold its first ever bond out of its Djibouti branch on Monday, as Chinese issuers pour into capital markets to make up for time lost to the coronavirus pandemic.
