The Netherlands
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A jumbo €1.5bn block has been launched in Adyen, the Dutch payments processing company, on behalf of a number of the pre-IPO shareholders, after the stock closed up 8.2% to give Adyen a bigger market capitalisation than Deutsche Bank. -
Dutch registered machinery and vehicle manufacturer CNH Industrial achieved an order book nearly three times oversubscribed for its first corporate bond sale since Standard & Poor’s raised the company rating to BBB.
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Dutch grid operator Stedin and French utility Suez offered investors more of the same when they tapped into what has been strong demand for longer dated corporate bonds on the same day, but found that appetite is starting to wane.
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On Tuesday Rabobank attracted more than 300 accounts to the first benchmark-sized euro additional tier one (AT1) bond since April, as it looked to refinance legacy tier one debt that reaches a call date next year. It was also the first Dutch financial institution to issue tier one since the government proposed to change the tax law on coupon distributions.
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Dutch brewer Heineken took advantage of a quiet market on Monday’s US Labor Day holiday to print a €1.25bn dual tranche deal with new issue premiums some participants saw in single digits.
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Two of the euro corporate bond market’s more frequent issuers helped fully reopen the market with a pair of dual-tranche deals immediately following the UK August bank holiday. The quality of the credits was one of the reasons the market was able to digest €6.65bn of supply on the day.
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Rabobank welcomed huge demand on Wednesday for its first ever non-preferred senior bond, bringing a deal forward before the Netherlands has legislated for the asset class.
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A note by law firm Mayer Brown has advised counterparties trading with International Swaps and Derivatives Association (ISDA) documentation to consider special amendments if they want their contracts to take into account the effects of negative interest rates, referencing a recent court decision.
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Bank Nederlandse Gemeenten has increased its total funding requirement for the year as it prepares for the second half of 2018.
