The Netherlands
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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. -
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.
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Restricted tier one bonds sold by Vivat, the Dutch insurance company, were zipping tighter in the secondary market on Tuesday, following reports that its Chinese owner Anbang Insurance Group was looking to open a sales process for the firm.
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Rabobank's head of sustainable markets has left the bank, to take up a job in Brazil. He will be replaced by a colleague who has worked in sustainability for many years.
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ABN Amro said on Wednesday that it would cut staff and risk-weighted assets from its corporate and investment banking business, aiming to push return on equity at the unit from 5.8% in the first half of this year to above the bank’s 10% target.
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Interdealer broker TP ICAP revealed on Tuesday that it had chosen Paris as its post-Brexit hub in the European Union, as new CEO Nicolas Breteau called for the flexibility to pay company brokers the "market rate".
