Retail Bond Issues In Belgium : New CBFA Guidelines And Fast Track Prospectus Approval

While Belgian companies proved to be keenly interested in bond issues since the credit crash, either they often turned to the Luxembourg's supervisory authority to obtain the green light for their prospectus and 'passported' it afterwards into Belgium, or gave priority to offerings addressed solely to institutional investors which do not require a prospectus.

Furthermore, on the occasion of certain retail bond issues by (Belgian) companies, the CBFA was informed of problems relating to the offering process, which include, amongst others, the receipt of orders prior to the official opening of the public offering and, as a result thereof, the impossibility for retail investors to subscribe.