Belgium

The Kingdom of Belgium hit the market on Monday with its long awaited first green OLO. The sovereign received strong demand for the deal, tightening its spread by 3bp and pulling in a book of €12.7bn.

The Kingdom of Belgium’s first green bond will be launched next week following a two week roadshow.

The Economic and Financial Affairs Council has confirmed Luis de Guindos, the Spanish finance minister, as its choice for the next vice president of the European Central Bank. The decision came amid criticism of the institution's lack of female representation.

Umicore, the Belgian materials technology and recycling group listed on Euronext Brussels, braved volatile equity markets on Thursday to raise €891.5m of new equity.

Rail travel will be the centrepiece of the Belgian government’s green bonds, the framework for which was revealed on Thursday morning at meetings in Brussels.

The Belgian Debt Agency announced on Monday that it would issue its first green OLO in the near future, after a roadshow that begins on Thursday February 8. This fulfils a plan announced by prime minister Charles Michel at the One Planet Summit in December.

UCB, the Belgian pharmaceutical company, has amended and extended its €1bn revolving credit facility early, pushing the maturity of its only commercial bank loan to the far end of its debt profile.

Nordic high yield bond bankers are making a play to attract more borrowers from elsewhere in Europe, promising them access to local investors familiar with mid-cap borrowers and small deal sizes. This week, SecureLink, a Belgian software security company, listed its first bond on the Oslo Stock Exchange.

The three year part of the dollar curve took centre stage for public sector issuers this week, having played second fiddle to fives so far this year. Issuers were met with just as strong a reception in the short end of the curve as they have enjoyed in fives so far — and SSA bankers believe some could be tempted to test the longer end.

Rating: Aa3/AA/AA-

Dollar SSA deals are showing little signs of a hangover from a public holiday in the US on Monday, with all three of Wednesday’s trades well over subscribed and pricing inside guidance.

Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers.