The Netherlands
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The branding may be on the way out, but there are plenty of reasons to be encouraged about the potential for real progress in the next phase of the Capital Markets Union. -
NIBC Bank and Axa SFH issued two tightly priced 10 year covered bonds on Tuesday. The French deal was initially slow to build, in contrast to the Dutch conditional pass through (CPT), which got an extra boost because of its positive yield.
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The torrent of ESG supply shows no sign of slowing. Inter-American Development Bank’s debut sustainable development bond is set to come to market on Tuesday in sterling, alongside a sustainability bond from Bank Nederlandse Gemeenten.
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Nederlandse Waterschapsbank (NWB) failed to reach full subscription for its 15 year water bond this week, with the lead managers having to step in to help the Dutch agency raise €500m. The issuer attributed the lack of demand to the weak eurozone economic data published during book building.
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Lead managers had to step in to help Nederlandse Waterschapsbank (NWB) raise €500m with a 15 year water bond on Monday, though a banker on the deal said that there had been strong demand for the transaction from ESG investors.
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A £285m block in Trainline, the UK the transport booking website, was covered quickly on Thursday night after a lock-up was waived on KKR and other pre-IPO shareholders.
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The Netherlands Development Finance Company (FMO) sold the first offshore Bolivian boliviano bond last Friday. The currency-linked bond was structured by the Currency Exchange Fund (TCX), of which FMO is a part owner, and is part of a wider push to develop frontier capital markets.
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Dutch insurers Achmea and ASR Nederland gave investors a rare chance to pick up Restricted Tier 1 (RT1) notes this week, with the latter having gone the extra mile to strengthen liquidity in its existing bonds.
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Nederlandse Waterschapsbank has selected banks for a €500m 15 year no-grow water bond, in what will be its longest ever maturity for a green bond.
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The Netherlands Development Finance Company debuted the first offshore Bolivian boliviano bond last Friday. Meanwhile on Monday, French agency Caisse des Dépôts et Consignations again returned to the ultra-long end to place a pair of callable euro notes.
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ASR Nederland has asked its bondholders for permission to increase the size of its only restricted tier one (RT1) from €300m to €500m — a move that the Dutch insurer hopes will increase the ‘tradability and liquidity’ of the subordinated debt instrument.
