The Netherlands

The euro market is back in gear after a few weeks of slow issuance. Three borrowers have mandated deals for Tuesday’s session but one opted for a one day execution, coming on Monday to get ahead of the rush.

Covered bonds issued this week by Compagnie de Financement Foncier (CFF), ABN Amro and ING Bank offered premiums well in excess of any other seen this year. The three deals repriced the secondary market and set a pattern that is likely to become more established over time.

Czech investment fund PPF Group has kicked off the syndication of a €3.025bn loan, which it is using to fund the acquisition of Norwegian telecoms group Telenor’s central and eastern European operations.

ING has mandated leads for its first covered bond in five years. Although demand for the rare credit is likely to be strong, the secondary market has continued to soften.

ABN Amro issued the tightest ever 20 year covered bond on Wednesday, but was obliged to pay a considerable new issue premium, causing a repricing of its curve and the market.

ABN Amro is set to return to the covered bond market with its second deal of the year and its longest so far. At the same time The Mortgage Society of Finland plans a roadshow.

AerCap Holdings, the Dutch aircraft leasing company, found big demand from lenders for its four year revolver, with the size of the facility rising by 46% to $950m during syndication.

ING Bank has appointed a new head of equity syndicate to replace a veteran managing director moving to a new role within the firm.

Covered bond investors would be better off ensuring a full recovery and maturity extension than accepting a partial recovery and claiming the remainder from the insolvency estate of the issuer, according to delegates who voted at the IMN conference in London on Tuesday.

B&S, the Dutch consumer goods distribution specialist, has revised the price range for its €358m IPO on Euronext Amsterdam, which is due to be priced on Thursday.

The IPO of Dutch bank NIBC was due to be priced on Thursday evening at the bottom of its initial range, valuing the company at €1.28bn.

The auto finance arm of General Motors opted for shorter maturities to try to ensure the success of its first bond sale of 2018 on Monday. But the €1bn dual-tranche deal only received orders of €1.7bn and the lead managers were only able to tighten one of the tranches from initial price thoughts.