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New 10-year syndication preview

BELGIUM AUCTION PREVIEW
  • It was announced yesterday that Belgium will launch a new 10-year OLO via syndication in the "near future" with the bond set to mature on 22 October 2031. We expect the syndication to take place today.
  • The BDA typically launches a new 10-year OLO each January via syndication. In both January 2019 and January 2020, the syndication size was set at EUR6.0bln. Book sizes were EUR28.5bln and EUR27.5bln respectively.
  • March 2020 saw the largest ever Belgian syndication with E8.0bln of a new 7-year OLO launched. This issue also saw a record OLO book size in excess of EUR55bln.
  • No target deal size has been announced but we would expect BDA to issue EUR6-8bln.
  • The closest bonds for comparison on the curve are the 0.10% Jun-30 OLO which yields -0.33% and the 1.00% Jun-31 which yields -0.27%. We would expect the new OLO to have a 0% coupon and to trade at a comparable yield to these bonds.
  • Bookrunners: BNP Paribas Fortis, Citi , J.P. Morgan, Natixis and Societe Generale.
  • The OLO auction scheduled for 25 January has been cancelled.
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