The Netherlands
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JDE Peet’s, the European coffee conglomerate listing in Amsterdam, is shutting IPO books after just three days of book building — an extraordinarily quick execution period for what is likely to be Europe’s largest IPO this year. -
Bank Nederlandse Gemeenten scored a 10 year dollar benchmark bond on Wednesday — its first at the tenor for four years. A fellow European issuer hit the short end of the dollar curve.
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The New Development Bank is looking to take advantage of the strong demand in dollars by bringing its long-awaited inaugural trade in the currency as part of its response to the coronavirus pandemic.
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Investors have poured in orders on the first official day of book building for the Amsterdam IPO of coffee company JDE Peet’s. The company built early momentum with several big cornerstone orders and has continued to attract strong demand from investors because of the strength of its business despite the Covid-19 pandemic.
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A quartet of SSAs borrowed a combined A$940m ($613.4m) into the Kangaroo market this week, spurring the SSA Aussie dollar market on to its best monthly volume in over nine months.
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The IPO of JDE Peet’s, the coffee business owned by JAB Holdings, is the first true test of investor appetite for European IPOs since the Covid-19 crisis began. There have been small listings already but nothing on this scale, yet the company is confident that it will succeed, write Sam Kerr and Aidan Gregory.
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Dollars was the favoured currency for public sector borrowers for the second week running this week, giving attractive funding conditions for euro borrowers amid strong investor demand, particularly in the 10 year part of the curve.
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Belgium took advantage of more attractive funding conditions in dollars versus euros and strong demand at the 10 year point of the curve to sell its first dollar bond since 2017 on Tuesday. SSA supply in dollars will continue on Wednesday with the Asian Infrastructure Investment Bank and Nederlandse Waterschapsbank bringing socially responsible deals.
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ING has become the latest EU bank to sell subordinated debt during the coronavirus crisis, after capitalising on healthy levels of demand for its tier two paper on Tuesday.
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Achmea was marketing a senior bond on Monday to refinance an outstanding bond maturing in November. The Dutch insurer started with a 'juicy spread', according to some market participants, and gave away a new issue premium of 5bp-10bp to investors.
