The Netherlands
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies in mid-November. Joining the scorecard this week is the European Union, which launched its Support to Mitigate Unemployment Risks in an Emergency (SURE) programme in October. -
Italy held a series of investor calls on Thursday in preparation for a trip to the dollar bond market. Italy returned to the currency last year after almost a decade away, and announced that it intends to access the market every year.
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De Volksbank took advantage of a sell-off in the rates market to issue a 20 year covered bond on Wednesday and, thanks to the extra yield it offered enjoyed good demand, albeit quite sensitive.
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De Volksbank mandated joint leads on Tuesday for a 20 year soft bullet covered bond, building on the earlier successes of two other issuers that recently responded to investor demand for yield with deals in this same maturity.
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Aegon Bank issued its first covered bond in three years on Monday, with the double digit spread drawing robust demand, enabling the conditional pass through bonds to be priced inside fair value, thereby catalysing a repricing of the Dutch CPT market. The deal follows a sub-benchmark 20 year soft bullet covered bond from NN Bank.
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A €3.4bn bailout for the Dutch part of Air France-KLM was thrown into jeopardy over the weekend as the country's pilot’s union rejected the terms. Some analysts expect sweeping ramifications for the wider Dutch airline sector.
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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, October 12. The source for secondary trading levels is ICE Data Services
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the start of the fourth quarter.
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Bank Nederlandse Gementeen kicked off a busy week for socially responsible bond issuance by public sector borrowers with a well-received 12 year sustainable bond, its longest ever deal in that format.
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After a week without deals, the primary euro public sector bond market will see a return of activity next week with Bank Nederlandse Gemeenten and the State of North Rhine-Westphalia preparing to bring sustainable deals in the currency.
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Rabobank has issued its largest green bond, a day after publishing a new Sustainable Funding Framework that will enable it to print debt in four different green and social flavours — a structure it hopes will give investors more clarity.
