Belgium

The European Financial Stability Facility rebooted the euro public sector market on Monday with an intraday execution ahead of what SSA bankers expect to be a busy week for supply. Belgium and KfW are already on screens for benchmark trades in the 10 year part of the curve.

The corporate bond market saw its second day of issuance in the new year on Monday when French multi-utility Veolia and Belgian electricity grid operator Elia sold new deals.

Belgium is planning to issue two new fixed rate OLO benchmarks next year — a 10 year and a long term bond with a minimum maturity of 15 years, the sovereign’s debt agency said on Wednesday.

The Council of the European Union has approved its final version of a controversial legislative proposal that seeks to overhaul the bloc’s oversight of clearing houses.

Belgian chemicals manufacturer Solvay sold its first public corporate bonds for three years on Tuesday when it reopened the European hybrid bond market, which has not seen a new issue since September. Despite the recent dearth of issuance, the market is still set to record an increase of more than 57% on 2017’s total volume.

Rating: Aa2

Socially responsible investment deals were the focus of attention in the primary SSA market this week, as the World Bank and the Flemish Community of Belgium sold well-received green and sustainability bonds, respectively. Bank Nederlandse Gemeenten and Eurofima have added to the public sector SRI pipeline, which is showing no signs of slowing down as the year end approaches.

The Flemish Community of Belgium was twice covered for its debut sustainability bond on Monday, following the completion of a pan-European roadshow last week. Meanwhile, Bank Nederlandse Gemeenten has added to the SRI pipeline after mandating banks for its second sustainability trade of the year.

Representatives from European Union member states are debating the make-up of a proposed body to supervise clearing houses (CCPs), according to leaked documents seen by GlobalCapital.

EU Commissioner Valdis Dombrovskis on Tuesday moved to reassure derivatives markets that the Commission would enact measures to avoid market disruption to clearing in a hard Brexit scenario.

The European Central Bank is pushing for greater powers over EU-based derivatives clearing houses, according to a leaked ECB presentation obtained by GlobalCapital. The move follows a successful effort by the ECB to gain powers over foreign clearing houses.

Belgium’s Ravago has amended and restated €1.65bn equivalent of syndicated loans, with an oversubscribed order book allowing the industrial materials company to increase the size of the deal.