The Netherlands
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A megayacht of a trade from KfW this week suggested that potential headwinds — including the end of quantitative easing, Italy’s reckoning with the European Commission and Angela Merkel’s plan to step away from politics — are failing to sink sentiment in the euro market. But some SSA bankers warned that the trade was more just proof that KfW can float in these conditions — and that an upcoming deal for the European Financial Stability Facility (EFSF) will be a better buoy for the sector’s currents. -
A quartet of public sector borrowers brought small dollar deals this week that were fine but unspectacular, which SSA bankers said was down to a confluence of factors. There are hopes that with the market likely quiet next week for the US mid-term elections and Federal Open Market Committee meeting, conditions could return to their best for the albeit limited funding windows left in 2018.
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The Netherlands plans to join the burgeoning list of sovereign green bond issuers and could become the first triple-A rated country in the group. Whether the bond will be via syndication or the country's preferred auction method has yet to be decided. Meanwhile, two of the country’s public sector SRI borrowers were busy in the format this week.
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Österreichische Kontrollbank and Erste Abwicklungsanstalt priced well received dollar deals on Tuesday. The pipeline in the currency is building with Bank Nederlanse Gementeen and Swedish Export Credit Corporation having lined up three year trades.
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The hefty chunk of SRI bond supply from the public sector in the second half of the year shows no signs of slowing down, with plenty in the pipeline — including from a debut issuer.
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Bank Nederlandse Gemeenten mandated banks on Tuesday to arrange a series of investor calls for its first sustainability bond of the year.
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Dutch airport owner and operator Royal Schiphol Group launched a green bond this week to fund clean buildings and transportation, after announcing the trade two weeks ago.
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Bank Nederlandse Gemeenten (BNG) is keeping a close tab on the Kangaroo bond market, following the sale of a curve-extending euro bond this week that is likely to complete the issuer’s benchmark funding for 2018.
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This week the Netherlands took a major step towards becoming the latest European country to introduce a law enabling banks to issue senior non-preferred debt. And earlier this month the UK government closed a consultation for its own law to introduce the instrument.
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Bank Nederlandse Gemeenten went ultra long in the euro market on Wednesday to issue its longest outstanding bond.
