The Netherlands
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The IPO of InPost, the Polish provider of postal lockers, soared on its first day of trading on Euronext Amsterdam. -
The IPO of InPost, the Polish provider of postal lockers, is due to be priced at €16, the top of the initial range, valuing the company at €8bn when it begins trading on the Amsterdam Stock Exchange later this week.
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A double-digit spread over mid-swaps is still possible in covered bonds from Poland, Slovakia and Dutch conditional pass-though deals, suggesting scope for performance is strongest in these markets, said bankers on Wednesday.
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France set a new order book record with its new 50 year syndicated bond on Tuesday. Two other public sector borrowers joined the sovereign at the long of the euro curve.
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InPost, the Polish provider of postal lockers, has launched an IPO on the Amsterdam stock exchange, seeking to build on the momentum of compatriot e-commerce companies in equity capital markets, as exemplified by Allegro's IPO last year.
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Covered bond supply from the Netherlands is expected to lead the Benelux region next year, where a total combined issuance of €9bn is due to surfac,e based on the average of six forecasts.
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This week's funding scorecard looks at the progress Europe's supranationals and agencies have made in their funding programmes as we approach the end of 2020, with most issuers also setting their funding targets for 2021.
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Bank of America will become a primary dealer for the Netherlands' government bond market next year, but ING has quit, as part of its strategy of scaling back its dealerships to relieve pressure on its financial markets business.
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Fugro, the Dutch geo-data specialist, has completed its €197m rights issue, a key proponent in a large refinancing package that resolves longstanding issues around debt maturity.
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Qiagen, the Dutch diagnostics company, has launched the sale of a new convertible bond to refinance the unwinding of an older bond, set to mature in 2021.
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Shares in Fugro, the Dutch geo-data specialist, rose by over 7.5% in trading on Wednesday after the company set terms for a €197m rights issue. The cash call is part of a comprehensive refinancing package that finally resolves longstanding issues around debt maturity.
