Belgium
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◆ Arbitrage attracts Belgium to dollars again ◆ No book updates ‘a little surprising’ and ‘a red flag’ ◆ Investors expected more spread -
◆ New €5bn line opened against ‘not easy’ backdrop ◆ Planned long-end OLO turned out to be 2042 ◆ Flexibility once again serves sovereign well
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◆ Bond tightens 5bp from guidance ◆ Highest subscribed deal so far this week ◆ Relative value highlights issuer as 'strongest' Belgian region
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Belgian pharmaceutical company has made three acquisitions this year
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◆ Large size ◆ Pricing ‘on the money’ ◆ Getting squeezy versus OATs
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◆ Deal four times covered ◆ Walloon used as reference ◆ Higher than average tightening
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The facility's ESG features will be finalised before the end of the year
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◆ Book supports large deal despite attrition ◆ Belgian scarcity makes finding fair value tricky ◆ 1.5 day execution chosen to aid price discovery
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No competition expected as investors hunger for covered paper across the curve
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◆ German states are performing well ◆ Placing fair value for the Länder segment is hard ◆ 15-year deal tightened 3bp
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◆ First out of three Belgian euro syndications proved a hit ◆ Usual 2bp premium paid ◆ Italy to follow with potential €20bn deal
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In euros, KfW and Belgium will test new year clearing levels
