Belgium

The European Securities and Markets Authority (ESMA) has proposed a two year extension on the deadline for smaller trading counterparties to comply with a derivatives clearing obligation under the European Market Infrastructure Regulation (EMIR), citing lack of progress on the initiative.

Nyrstar, the Belgian zinc and lead company that completed a €291m rights issue in February, launched a €115m-€150m convertible bond on Wednesday.

It was a rough day for stocks on Wednesday, but a great day for equity capital markets, with two convertible bonds launched and priced — the first since the UK’s vote to quit the European Union was revealed on June 24. They came on top of a roaring reception for Melrose Industries’ announcement of a £1.7bn rights issue for an acquisition in the US.

Fagron, the Belgian-Dutch pharmaceutical compounding company, completed its recapitalisation on Tuesday as banks sold the €5m rump of its rights issue in a swift accelerated placement.

The European Commission is expected to include extra funding for the European Banking Authority in an upcoming budget proposal to help the regulator pay for an expected relocation to the continent.

The European Securities and Markets Authority (ESMA) is stepping up regulatory oversight of contracts for difference and other products it deems ‘speculative’ that are sold to retail investors.

Bekaert, the Belgian maker of steel wire products, launched a €380m convertible bond on Thursday, happening to choose the same day as BP to launch its deal, after a long quiet period in the market.

Belgium has sold a June 2040 private placement with a coupon linked to the European consumer price index, following in the footsteps of Italy which placed a 30 year inflation-linked note on May 4.

ASIT Biotech, a Belgian company developing remedies for allergies including hay fever, priced its IPO on Wednesday, raising €23.5m, and made its debut on Euronext Paris and Brussels on Thursday.

Groupe Bruxelles Lambert, the Belgian investment holding company, won a bigger than expected take-up for its buyback of bonds exchangeable into shares of Engie this week.

Rating: Aa3/AA/AA

Investors poured into Belgium’s debut 50 year benchmark vintage this week, with demand so strong that bankers are confident other issuers could soon sip liquidity from the ultra-long tenor.