The Netherlands

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.

This week’s £1.88bn ($2.43bn) IPO of The Hut Group (THG) in London is leading to hopes that European technology firms will follow in listing on their home markets rather than in the US.

NN Bank extended along its soft bullet covered bond curve this week, following its strategy to fund in the ultra-long end. A tightly priced five year from Fédération des Caisses Desjardins du Québec (CCDJ) followed the deal later in the week.

Dutch DIY group Maxeda launched a refinancing this week which pushed up its rating, after it took out its 2022s with new 2026 bonds, taking any liquidity constraints for the triple-C rated chain firmly off the table. Despite the pandemic, the retailer has been successfully deleveraging, helped by a boom in home improvements during lockdown.

Unibail-Rodamco-Westfield, one of the world's largest owners of shopping malls, launched a €9bn-plus turnaround plan on Thursday, which includes a €3.5bn rights issue. The aim of is to reduce its leverage to help it withstand the Covid-19 pandemic.

The Dutch State Treasury Agency has revised down its 2020 borrowing programme as a result of a better improvement than expected in its cash deficit.

Fitch cut the long-term issuer default ratings (IDRs) of ABN Amro and Rabobank this week, with a rise in risk-weighted assets having helped to push down the size of the banks’ subordinated bond buffers.

GlobalCapital caught up with Rabobank's head of long term funding, Ger Buls, and head of investor relations, Mirjam Bos, to ask about the impact of Covid-19 on the bank's balance sheet, the usefulness of crisis management tools and prospective funding needs.

International Finance Corp sold the first Kauri bond in more than two months on Thursday, while in the Kangaroo market a pair of European agencies tapped a pocket of demand further down the curve.

The State of North Rhine-Westphalia and Nederlandse Waterschapsbank rebooted the long of the euro SSA curve on Wednesday with well subscribed deals and minimal new issue premiums.

The State of North Rhine-Westphalia and Nederlandse Waterschapsbank will be the first two public sector borrowers to test investors’ appetite for euro deals in the long end of the curve following the summer break.

Adyen’s senior managers, including its billionaire co-founders, have sold €693m of shares in the Dutch payments company after it declared strong first half results on Thursday.