Belgium
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◆ Inaugural green bond for Belgian real estate ◆ Solid demand at allocation despite orderbook attrition ◆ Low single-digit new issue premium paid -
◆ Big order book achieved ◆ Coupon set to land north of 4% ◆ Attractive pickup over swaps
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◆ Belgian bank deal attracts biggest book of week so far ◆ Deal bid 2bp tighter, through fair value post-pricing ◆ Treasury accounts drive Wüstenrot bid
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◆ Belgium arm takes size with first deal since February 2024 ◆ Slim premium paid ◆ More Benelux supply expected
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Appetite for long‑dated MTNs firm in quiet summer market, say bankers
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◆ First deal since Crelan/AXA Bank Belgium merger ◆ No premium paid ◆ Capped size allows for focus on price
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◆ Large demand leads to large print ◆ Early momentum in quality book ◆ 'Everything flying' but spread to swaps also attracts
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Deal expected to be among the last before summer slowdown with volatility tipped to threaten primary market
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Risk of complacency flagged as issuers continue to fund into summer
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◆ 'Impressive' result for Spanish bank ◆ Raiffeisen Hungary shows CEE appetite ◆ Ageas places short-dated sterling senior
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The cinema group's facility has features that could bump size up by €180m
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◆ Last euro syndication for 2025, done ◆ Good timing as usual ◆ Book is one of sovereign’s largest
