The Netherlands
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The share price of Adyen, the Dutch payments firm, had recovered to trade at around €650 a share on Wednesday morning after rough week after investor sentiment seemed to turn against the stock after a large block trade. -
Public sector borrowers were able to tighten pricing and achieve well oversubscribed books for socially responsible investment bonds on Tuesday, as investors took advantage of the flood of issuance in the sector. The momentum is likely to continue with more deals expected over the coming weeks, according to SSA bankers.
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Cassa Depositi e Prestiti on Tuesday brought the first syndicated SSA supply from Italy since a large sell-off in BTPs began in May — and investors appeared happy with the risk, allowing tightened pricing and a well-oversubscribed book. The sustainability bond came amid a flurry of SRI deals.
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Nationale-Nederlanden Bank (NN Bank) returned to the covered bond market for the second time this year to issue a comfortably oversubscribed €500m 10 year conditional pass through structure that was priced 1bp tighter than where NIBC Bank issued a similar deal two weeks ago.
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Nationale Nederlanden Bank has mandated leads for a 10 year euro denominated conditional pass through (CPT) covered bond and Aareal Bank has issued a fixed rate sterling Pfandbrief.
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Bank Nederlandse Gemeenten is planning to issue its first syndicated sustainability bonds of the year.
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ING raised €3.5bn of senior debt from its holding company on Friday, having been met with a whopping €12.5bn of orders from investors.
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Established SRI bond issuers are bringing deals to market over the coming weeks, including a new format from a seasoned borrower.
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The African Development Bank and Bank Nederlandse Gemeenten kept the positive momentum going in the dollar SSA market this week with blowout five year benchmark trades on Thursday.
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The IPO global coordinators for Adyen, the Dutch payments processing company, were at the centre of a controversy this week after lifting the lockup agreement on the sale of new stock three months early to allow pre-IPO investors to move €1.65bn of stock. A 9% discount to the last close helped ensure a heavily oversubscribed deal, but the aftermarket was chaotic with the stock slipping as much as 19.2% at one stage on Thursday. Aidan Gregory reports.
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Dutch firm Datacenter Group has signed a €52m syndicated facility as part of an acquisition that will see it become the also data centre provider in the Netherlands.
