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Belgium 10-year preview

EGB SYNDICATION
  • Belgium will come to the market in the "near future" to launch its new 10-year Jun-32 OLO.
  • We expect the transaction to take place today and to have a size of E6.0bln.
  • Syndication history: Belgium held two syndications in 2021: the 10-year 0% Oct-31 OLO on 12 January which saw E6bln sold from books of E50bln and the 50-year 0.65% Jun-71 OLO for E5bln on 2 February with books for E53bln.
  • Future syndications: MNI expects a 30-year OLO to be launched via syndication in February.
  • Last auction: The last auction of the 0% Oct-31 OLO was on 27 September and saw E1.482bln sold at a yield of 0.10% with a bid-to-cover of 1.62x.
  • RV: Versus the German 0% Aug-31 Bund, the 0% Oct-31 OLO has traded at a spread of 30-36bp through the past seven months and currently trades at 35bp at the time of writing.
  • Joint bookrunners: BNP Paribas Fortis, Citi, J.P. Morgan, Natixis and Nomura.
  • Timing: The 2021 syndications saw books open at 8:00/7:50GMT, spreads set at 9:30/9:30GMT and books close at 10:30GMT. The deals were then priced at 15:16/15:20GMT respectively.
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