Belgian Sovereign
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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, April 6. The source for secondary trading levels is ICE Data Services. -
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Portugal will be hoping to mirror the success of Belgium after the latter smashed records in the public sector bond market on Tuesday with the biggest ever order book for an SSA borrower in euros. Both Portugal and Belgium have announced an anticipated increase to their 2020 funding programmes as result of the Covid-19 crisis.
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Belgium has picked banks for a seven year benchmark, publishing the mandate just after joining the throng of sovereigns upping their funding requirements. Norway has also raised the size of its borrowing programme.
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The Belgian region of Wallonia has decided to conduct the investor marketing for its euro sustainability benchmark solely over the phone rather than by attending meetings as the Covid-19 pandemic worsens.
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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, March 2. The source for secondary trading levels is ICE Data Services.
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Only a few issuers braved the MTN market in what was otherwise a week silenced by coronavirus volatility. With deals far and few between, bankers highlighted trades from Lufthansa and the Brussels Capital Region as market standouts.
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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 24. The source for secondary trading levels is ICE Data Services.
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The euro market, unlike the quiet dollar market, is going from strength to strength for SSA borrowers. However, the tight spreads are starting to make their presence felt, with investors starting to push back.
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Belgium was able to print a large 20 year benchmark bond on Tuesday, pulling in a book of €27bn. But despite the size of the demand, investors were reluctant to follow the price more than 1bp from initial guidance.
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Two public sector borrowers hit screens with new issues on Monday, with Belgium choosing a 20 year and Madrid opting for a 10 year sustainable bond.
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