The Netherlands
-
The European Investment Bank and Bank Nederlandse Gemeenten showed the strength of the dollar market on Tuesday as they sparked the sector into life for 2019 with benchmarks offering minimal concession. Another pair of SSAs are hoping to emulate that success on Wednesday. -
The dollar market for public sector borrowers begins in earnest on Wednesday with a pair of borrowers out with benchmarks and bankers confident the deals will go well thanks to a demand/supply imbalance. The trades follow a small floater tap from a supranational on Monday that was the first syndicated deal of the year in the currency.
-
-
As is becoming traditional in the European corporate bond market, car finance issuers sold the first new issues of the year. The fact the market had to wait just one day was a positive, considering that the backdrop was largely unchanged from the end of 2018, when the market had been difficult to access. However, there were some warning signs other issuers will do well to heed.
-
The European corporate bond market had to wait just one day for the first new issue of 2019. Some participants had expected volatility in the global financial markets to result in a blank first week for corporates, but finance subsidiaries of Renault and Toyota opted to start their financing for the year on Thursday.
-
The Netherlands will look to issue around €4bn-€6bn with a maturity of at least 15 years in its debut green bond, which will be sold through a Dutch Direct Auction in the second quarter of 2019.
-
Nederlandse Waterschapsbank plans to issue at least a quarter of its total funding next year with socially responsible bonds, according to a treasury official at the Dutch agency.
-
ING completed a deal in the Tokyo Pro-Bond market this week, raising over $1bn equivalent on a week in which it could not find acceptable demand in dollars. It was also able to distribute notes to regional banks before debt counting towards total loss absorbing capacity (TLAC) weighs more heavily on those buyers’ balance sheets.
-
At least three high-grade borrowers in the US bond market stood down on Thursday as supply windows snapped shut and scotched hopes of a final flurry of supply before year end.
-
-
A pair of socially responsible deals from public sector borrowers failed to set the market alight this week. The order books were only marginally oversubscribed and the spreads did not tighten from the initial price thoughts.
-
The African Development Bank and Nederlandse Waterschapsbank were able to sell a pair of oversubscribed no-grow $500m socially responsible deals on Tuesday, despite tougher market conditions as the end of the year approaches.
