The Netherlands
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◆Rabo reenters euro senior market after more than a year away ◆ 'Pent-up demand' swells order book ◆ Green senior bail-ins down on 2024 -
More social deals to come, in dollars or euros
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◆ 'Great result' for Dutch agency ◆ Capped size, social label helpful ◆ CDPQ brought 'very interesting' deal the day before
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◆ Dutch issuer has raised €1.5bn in three trades ◆ Deal priced near fair value ◆ Trade timed to avoid French political volatility
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◆ Softer open no problem for Dutch bank ◆ Market ready and willing to buy size ◆ Investors show large preference for one tranche over the other
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More steepening expected for both govvie and swap curves for rest of 2025 as crucial date for Dutch pension reform draws near
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Long end deals could be on the cards for brave Benelux borrowers
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◆ Deal is Achmea's second in five weeks ◆ Investors eager to pick up no-grow deal ◆ Small premium left for performance
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◆ Old tier two call date approaches ◆ Tier two pick-up over senior gets tighter ◆ Wide range of feedback but ‘can’t compare this to anything’
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◆ 'Special trade' for the Dutch agency ◆ Bankers agree on NIP ◆ AIIB trade gives demand signal
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◆ Tight deal proves popular ◆ Investors eager to buy seven year paper ◆ Achmea's secondary curve points to higher fair value
