Belgium

Corporate bond issuers in Europe made a busy start with multi-tranche deals from energy company E.On and brewer AB InBev, as primary markets shrugged off the biggest ever cyber-attack on businesses around the world at the weekend.

Two Austrian banks and a Dutch bank have mandated leads for covered bond deals taking the number of banks in the covered bond pipeline to six.

Bpifrance Financement broke its size record on Tuesday, nipping back into capital markets ahead of several of its compatriots, according to a funding official at the issuer. The European Investment Bank (EIB) and NRW.Bank also made the most of the stable conditions, printing their own benchmarks.

On Wednesday night, the Belgian state conducted one of the largest equity block trades of the year so far – a 2.5% stake in BNP Paribas.

The European Commission has signed off on a piece of legislation that, if unopposed by the European Parliament and Council, could extend clearing compliance deadlines for smaller over the counter derivatives traders.

On Wednesday evening, Ontex Group, the Belgian maker of personal hygiene products, increased its equity capital by 10% through an accelerated bookbuild led by BNP Paribas and UBS.

The European Commission on Tuesday launched a public consultation on the operation and governance structure of European Supervisory Authorities (ESAs).

Euronext today agreed to a strategic partnership with Morningstar which will bring new indices and derivatives contracts to the pan-European exchange within two weeks.

BNP Paribas Fortis issued Belgium’s first covered bond of the year on Thursday, taking advantage of the strong market conditions that followed Dutch elections to price a €500m seven year with a tiny new issue concession.

The €90m IPO of Avantium, the Dutch renewable chemicals company, was covered at its maximum size including the 15% greenshoe on Wednesday, less than three working days into the bookbuild.

Nyrstar, the Belgian zinc smelting company, on Friday priced a single-B rated €400m high yield bond, and has launched a tender offer to buy back a €120m 2018 convertible bond.

Belgium’s KBC raised its third and largest ever senior bond from its holding company on Wednesday, as market participants showed a thirst for new bonds despite looming political risks.