Belgian Sovereign
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Guarantors: Kingdom of Belgium (51%), Republic of France (46%) and Grand Duchy of Luxembourg (3%)
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Bond clearing house Euroclear intends to move its holding company from the UK to Belgium as it prepares for the “risks” posed by the UK’s departure from the European Union. -
Hopes that green bonds will become an established segment of the sovereign bond market rose this week when Belgium launched its first one to an enthusiastic reception and Hong Kong’s government set out plans for a HK$100bn ($12.8bn) green bond programme.
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Belgium achieved one of its tightest new issue premiums for years with its inaugural green bond, as green-minded investors from across Europe — and at central banks — piled into the deal on Monday.
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The Kingdom of Belgium hit the market on Monday with its long awaited first green OLO. The sovereign received strong demand for the deal, tightening its spread by 3bp and pulling in a book of €12.7bn.
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The Kingdom of Belgium’s first green bond will be launched next week following a two week roadshow.
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Rail travel will be the centrepiece of the Belgian government’s green bonds, the framework for which was revealed on Thursday morning at meetings in Brussels.
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The Belgian Debt Agency announced on Monday that it would issue its first green OLO in the near future, after a roadshow that begins on Thursday February 8. This fulfils a plan announced by prime minister Charles Michel at the One Planet Summit in December.
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The three year part of the dollar curve took centre stage for public sector issuers this week, having played second fiddle to fives so far this year. Issuers were met with just as strong a reception in the short end of the curve as they have enjoyed in fives so far — and SSA bankers believe some could be tempted to test the longer end.
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Dollar SSA deals are showing little signs of a hangover from a public holiday in the US on Monday, with all three of Wednesday’s trades well over subscribed and pricing inside guidance.
