The Netherlands
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KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic. Meanwhile, Bank Nederlandse Gemeenten (BNG) received less interest in a sterling trade of its own. -
After several weeks of focusing on conventional bonds in core currencies, SSAs popped back into the socially responsible investments (SRI) market this week. Nederlandse Waterschapsbank (NWB) is laying the ground for an affordable housing bond in euros, while the European Investment Bank found a solid reception for a Climate Awareness Bond that came in rare seven year dollar form.
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The Dutch Banking Association has responded to a European Commission consultation on the introduction of ‘Basel IV’, heaping criticism on the proposed introduction of a capital output floor.
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The investment grade corporate euro bond market had shown a steady return to strength after Easter. It was then tested by eight deals in two days, but showed it was capable of absorbing such volume, and tighter spreads may even be on the cards as French aerospace and defence company Thales achieved the lowest new issue premiums for a month.
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European high yield bond issuers roadshowed for seven lower rated new offerings this week, leaving behind the quiet of the post-Easter recess. What followed was a vigorous tug of war over pricing and terms in which bankers and investors claimed different victories.
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NIBC Bank paid a healthy premium for a senior unsecured bond on Thursday, in its first new offering following two ratings upgrades and its debut sale of additional tier one debt.
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The investment grade corporate euro bond market had shown a steady return to strength after Easter, but Thursday's five-deal spree tested its resolve . The market last saw that many deals on March 15 – a day described by one syndicate banker as a repricing point.
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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.
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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.
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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.
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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.
