Belgium
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There was another scorching start to the year for eurozone sovereigns this week with yet more records dropping as Belgium took its largest ever number of orders and Austria sold its biggest ever deal from its largest ever book. But it was the nature of the successes — Belgium with a long dated trade and Austria the most expensive 10 year of the year so far — that really caught the eye. -
Several public sector borrowers tapped the socially responsible investment (SRI) market this week, with more deals expected in February, before what many analysts expect will be a record year for the asset class.
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Belgium will begin increasing the size of its €4.5bn April 2033 Green OLO through multiple auctions in 2019.
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Argenta Spaarbank wasted little time in the process of selling its first senior unsecured bond on Wednesday, as the Belgian bank rode a strong tone in the euro market to raise €500m of funding.
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Austria's 10 year syndication on Tuesday received a final order book that was almost twice the size of its previous record volume. Belgium was also in the market with its second OLO of the year, opting this time for a much longer maturity. Both deals were in keeping with eurozone sovereign supply this year, comfortably printing a combined €10bn from over €55bn of orders.
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Austria, Belgium and Greece went out with mandates for syndications at various parts of the euro curve on Monday, just a day before a crunch vote in the UK Parliament on amendments to prime minster Theresa May’s Brexit plan. But bankers said concerns around Brexit are limited and are no roadblock to sovereign issuance.
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Three companies have signed sustainability-linked and green loans this week, as the product's seemingly inexorable rise brings it to new companies and into new countries.
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ECM bankers have found investors more receptive to blocks than expected so far this year. Nonetheless, buyers have demanded more from sellers before they commit to a deal, a trend in evidence in the €55m share sale in Biocartis on Wednesday night.
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In this round-up, China’s fourth quarter saw 6.4% GDP growth, Germany’s finance minister concluded a two-day visit in Beijing with 34 agreements, and cross-border payment services provider Swift took a first step to establish an onshore entity.
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Ireland is looking at the possibility of issuing its first ever benchmark inflation linked bond in 2019, amid an expected surge in the euro public sector linker market this year. Meanwhile, Portugal is waiting for the final approval of its inaugural Panda bond, which will be sold as part of an Rmb6bn three year programme.
