Belgium
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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. -
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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.
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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.
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A widening in dollar swap spreads since the end of last week should help support a trio of dollar deals on screens for Wednesday’s business, said SSA bankers.
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The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.
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A senior funding officer at a European SSA has crossed the aisle to take up a syndicate position at an investment bank.
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Anheuser-Busch InBev’s last visit to the euro bond market was to help finance its $107bn acquisition of SAB Miller in 2016 and on Tuesday the world’s largest brewer returned with a smaller offering that investors were still thirsty for.
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Bosal, the Dutch manufacturer of industrial equipment, is selling its tow bar division to private equity firm TowerBrook. EQT has provided the financing for the acquisition.
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Two US senators have scolded the European Commission's efforts to unilaterally change agreed rules for the oversight of foreign clearing houses in the wake of Brexit, backing the toughening position of Commodity Futures Trading Commission chairman Christopher Giancarlo.
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KfW and Dexia Crédit Local are first out the blocks in what looks set to be a busy euro market for public sector borrowers this week.
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Belgium will issue its first sovereign green bond in the first quarter of 2018. Several countries in southern Europe are investigating the option, but they are less likely to issue in the near future.
