The Netherlands
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ING left its investors bemused on Wednesday, when it decided to pull the additional tier one (AT1) bond it was marketing on the basis of undisclosed information it had received. After the news of its chief executive’s move to UBS quickly became public, the door was left open for the bank to complete the trade. -
ING Groep postponed the sale of an additional tier one after clocking up $11bn of demand in the dollar market on Wednesday. At the same time, Arion Bank was looking to launch a $100m deal in the same format — the lowest volume on record in dollars.
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German supermarket chain Lidl has raised a £515m-equivalent loan from a consortium of Chinese and Taiwanese lenders for two of its European subsidiaries, in the company’s first outing in Asian capital markets.
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Romanian telecoms giant Digi issued an €800m bond this week, offering investors exposure to risky but fast-growing eastern European economies. Digi is joining the long list of companies taking advantage of exceptionally favourable refinancing conditions in European high yield.
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Two supranationals hopped into the Kangaroo market with environmental, social governance (ESG) bond taps this week, in a move that is becoming increasingly popular. With a local holiday this weekend marking the end of antipodean summer, bankers expect Australian dollar issuance to restart in the next few weeks.
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Trades in Prosus, the Amsterdam-listed technology holding company, and UAE payments company Network International flew out of the gates on Tuesday night, and market sources say Europe is finally becoming more of a destination for tech deals.
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Nederlandse Waterschapsbank and the State of Brandenburg took advantage of a lack of euro SSA supply this week to bring well subscribed deals on Tuesday. The Asian Development Bank will be looking to follow with a 10 year euro benchmark on Wednesday.
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GlobalCapital understands that Commerzbank has ended its primary dealership with the Netherlands, where it was a market maker for Dutch bills.
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Nederlandse Waterschapsbank is the only issuer set to come to the euro market on Tuesday, despite the fact that conditions are still favourable.
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Europe’s primary equity-linked market has reopened, with a new €125m convertible bond from Pharming Group, the Dutch speciality pharmaceuticals company.
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The European Financial Stability Facility took the spotlight in the euro public sector bond market on Monday with an intraday execution ahead of a busy week. The European Investment Bank, Council of Europe Development Bank, Spain and Cyprus have all announced new deals.
