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◆ Arbitrage attracts Belgium to dollars again ◆ No book updates ‘a little surprising’ and ‘a red flag’ ◆ Investors expected more spread
Borrowing task is second largest ever after Covid response
◆ Sovereign ‘clearly listened to investors’ ◆ 15-20 year linker tap slightly different from planned ◆ One long green tap left for 2025
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The sovereign has raised more than £59bn from syndications in this financial year
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◆ New five year bigger than planned ◆ New dollar book record for sovereign ◆ Rare but regular issuer, 'a pleasure' of a deal
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◆ Fair value calcs far from straightforward ◆ Largest book for index-linked Gilt offering ◆ Less index-linked issuance in 2025-26?
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Bloc to open new 10 year line, first syndication since Europe’s ‘ReArm’ moment last week
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◆ EU puts forward €800bn plan ◆ Germany screeches into U-turn on debt brake ◆ Bund yield soars 40bp
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Core SSA spreads suffer as EU-level funding expected to jump, but concerns also loom over Bunds and other govvies