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New 50-year OLO syndication preview

BELGIUM AUCTION PREVIEW
  • It was announced this morning that Belgium will launch a new 50-year OLO via syndication in the "near future" with the bond set to mature on 22 June 2071. We expect the syndication to take place tomorrow.
  • This will be the second Belgian syndication of 2021 after a new 10-year OLO was launched on 12 January for E6.0bln. In its 2021 funding plan, BDA stated that it looked to launch 2-3 new benchmarks via 2 syndications, tomorrow will see that second syndication.
  • Belgium regularly issues its new 10-year OLO in January with sizes set at E6.0bln in both 2019 and 2020, too. However, the book size seen this year was E50bln, almost double the size of the 2019/20 book sizes of 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.
  • The other syndications held since the start of 2019 were the launch of a new 30-year OLO in January 2019 for E5.0bln and the launch of a new 20-year OLO in February 2020 for E5.0bln.
  • No target deal size has been announced but we would expect BDA to issue EUR3.5-5.0bln nominal.
  • Bookrunners: BNP Paribas Fortis, Credit Agricole CIB, J.P. Morgan, Morgan Stanley, NatWest Markets and Nomura.
  • Timing: The January transaction for the new 10-year 0% Oct-31 OLO had the following schedule:
    • 8:00GMT: IPT released
    • 9:30GMT: Spread set
    • 10:30GMT: Books closed
    • 15:16GMT: Deal priced
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