The Netherlands in the Capital Markets
With Europe becoming increasingly factionalised and its leaders showing no signs of accepting the compromises that could bring the crisis to an end, the dream of continental harmony is fast becoming a nightmare. Where does this leave the Netherlands? Solomon Teague reports.
Dutch public sector issuers are adapting to life outside the core. But this new-found status has not prevented the sovereign and FMO from opening up new investor bases, while for BNG and NWB the change has brought record order books. Michael Winfield reports.
Dutch public sector borrowers have had an unusually tricky time of it of late. From last November, a combination of the fall-out from Norway’s Eksportfinans debacle, European sovereign volatility, Standard & Poor’s downgrades and a collapsed government have given the country’s sovereign and agency funding officials more reasons to worry than at probably any time since the end of the tulip bubble.
Dutch banks have a reputation for being soundly regulated and well capitalised. But with the economy in recession and house prices falling, Katie Llanos-Small asks how long that status can last.
Top Dutch corporates are among the lucky few. Unlike so many of their southern European counterparts, they have had the full array of capital markets — including equities, bonds and loans — to choose from. But, as Nina Flitman reports, they are also big believers in diversification and have shown commendable foresight in exploring new products and currencies.
The big Dutch banks have enviable access to the senior unsecured bond market, often the first names back when it re-opens. But like their other less fortunate rivals across Europe, they have had to rely more on secured funding for their longer term borrowing over the last year. Joe McDevitt reports.
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