Belgium
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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.
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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.
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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.
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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.
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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.
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Belgium cracked open its 50 year bond vintage on Thursday with a deal that drew plenty of praise — while the level of demand even surprised some of those working on the trade.
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The low interest rate environment is causing investors to look at longer and longer paper in search of yield. Issuers are seizing the chance for long funding with private placements.
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Thursday was the busiest day of the year so far for euro bank capital, as FIG borrowers betrayed nerves over how long investors’ risk appetite might last.
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Belgium is set to bring a private dabbling in ultra-long debt issuance into the public sphere, as it mandated on Wednesday for a debut 50 year euro benchmark a week after placing its second 100 year medium term note.
