The Netherlands
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Aegon Bank has registered its soft bullet covered bond programme with the Dutch central bank and has published its base prospectus, suggesting it could be ready to mandate leads after posting results this week. Aegon follows NN Bank, which became the first Dutch bank to switch away from using conditional pass through (CPT) covered bonds, with Achmea Bank set to follow. -
Basic Fit, the Dutch low-cost gyms operator, has sold €204m of new shares to finance growth opportunities once its sites are permitted to reopen.
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Shares in Allfunds, the B2B fund distribution platform, rocketed on Friday, their first day of trading in Amsterdam. The news was a bonus for an IPO market which had started to stutter. This week Synlab the German laboratory technology company has struggled to get its IPO covered and the listing of Trustly, the Swedish fintech unicorn has been pulled.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, April 19. The source for secondary trading levels is ICE Data Services.
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Nederlandse Waterschapsbank was twice covered and paid zero new issue premium as it sold an intraday 30 year water bond on Monday. The European Union will follow into the euro public sector bond market on Tuesday to fund a maturity lengthening operation under its European Financial Stabilisation Mechanism programme.
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Allfunds, the B2B fund distribution platform, has opened the book on its Amsterdam IPO and named several high quality cornerstone investors which are backing the deal. However, not all deals are proving to be as popular as this one and bankers say the IPO market is splitting into those firms which can and those which cannot.
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Investors wasted little time placing orders for NIBC Bank’s €500m 10 year conditional pass-through covered bond that was issued on Wednesday, reflecting that it offered the highest spread of any covered bond issued this year by any bank in core Europe. This is also likely to be a very rarely issued structure.
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DZ Hyp raised €1bn of eight year covered bond funding flat to its curve on Tuesday in what bankers called a ‘textbook execution’.
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Allfunds, the UK-based business-to-business funds platform that is listing in Amsterdam, is making a strong impression among investors that are leading the talks on valuation, according to a number of sources. The deal is one of a number of IPOs being circulated to buyers.
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AMG Advanced Metallurgical Group (AMG) found strong demand for a €102m capital raise on Thursday night from investors keen to back the growing demand for lithium, stoked higher by increased global production of electric vehicles.
