The Netherlands
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Bank Nederlandse Gemeenten kept the sterling tap running as the sole deal in the primary SSA market on Monday, with a Norwegian agency lining up to follow it on Tuesday. -
FMO has printed an onshore Georgian lari bond for the first time, with proceeds helping a drive to de-dollarise Georgia’s economy.
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The third week of July finally saw the summer lull kick in, with SSA issuance volumes at less than half of what was sold last week. But Bank Nederlandse Gemeenten still managed to snatch up a successful tap, and SSA bankers and issuers reckoned the market still bodes well for new issues.
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Bank Nederlandse Gemeenten on Tuesday achieved big size and a decent price with a €750m tap of a 10 year bond whose original issue had underwhelmed — leading one SSA banker to reference Hollywood by calling the reopening the “Shawshank Redemption”.
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The State of North Rhine-Westphalia’s decision to tap into a glut of long end euro demand won the praise of BondMarker voters, as it fell just short of an average score of 8.0.
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The Netherland’s Riwal Holding Group has substantially increased the size of its revolving credit facility, refinancing its bank debt early as terms in the slow primary market continue to be weighted in favour of borrowers.
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The Netherlands could be at the beginning of a crackdown on tax benefits for additional tier one (AT1) capital, after the European Commission said that state aid concerns had convinced it to take aim at provisions that allow banks and insurers to deduct tax from interest paid on the instruments.
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Dutch residential property company Vesteda sold a €500m eight year bond on Tuesday to help refinance its acquisition of a Dutch property portfolio from Dutch financial services company NN Group.
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The State of North Rhine-Westphalia has launched its first ever 50 year benchmark, coming to market just as Bank Nederlandse Gemeenten landed at the short end.
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Bank debt investors have calmed their nerves about the possibility that Dutch banks will call their additional tier ones at par, following a government proposal to tax the interest paid on the instruments.
