Belgium

Argenta Spaarbank and Sumitomo Mitsui Financial Group were both marketing senior bonds on Tuesday, making use of the favourable backdrop in the primary market. While Sumitomo was quick to build demand for its bond, Argenta struggled to gather enough demand volume to move the spread from price thoughts.

Three public sector borrowers announced dollar benchmarks on Monday, rekindling the market after a quiet week.

Belgium and Ireland are looking at increasing the size of their green bonds in the fourth quarter. For Ireland it would be the first tap of its green bond since it was issued in October 2018.

Belfius Bank issued the first Belgian covered bond of 2019 on Monday. Although the order book built slowly, the tightly priced 10 year attracted solid demand.

Euroclear Bank, a Brussels-based international securities depository, will work with China Central Depository and Clearing (CCDC) to develop a bond trading link for international investors to access Chinese domestic bonds.

Two of the largest shareholders in Fagron, the Belgian pharmaceutical and medical products company, have sold half their stake in the company for €84m via an unusual block trade that was placed with a single US long-only investor.

Groupe Bruxelles Lambert, the Belgian investment company, has launched a €750m bond exchangeable into shares in LafargeHolcim, the Swiss building materials company.

The Netherlands Development Finance Company (FMO), made its Uzbekistani som debut this week to take advantage of funds flowing into EM currencies thanks to low rates in dollars. Elsewhere, euro investors are looking at the ultra-long end of the SSA market.

KBC only needed to offer a slim new issue premium to attract €2bn of demand for a new tier two bond this week. The deal pricing was squeezed by 20bp from initial price thoughts, resembling senior deals from other issuers.

Anheuser-Busch InBev’s decision to pull the $9.8bn IPO of its Asian business is a classic example of a seller not listening to the views of investors when it comes to valuation.

Maric Post will take over as director of treasury and capital markets after Anne Leclercq departs the Belgian Debt Agency on July 31.

Belgian brewer Anheuser Busch InBev has taken the first step toward floating its Asia Pacific operations on the Hong Kong Stock Exchange.