The Netherlands
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NIBC, the Dutch bank, began the management roadshow for its Amsterdam IPO in the Netherlands on Monday with an “attractive” range that gives investors a dividend yield of up to 7.4% on 2018’s numbers, according to a banker involved. -
After five years away from the market, Dutch supermarket operator Ahold Delhaize is set to become a frequent issuer as it sold a dual-tranche deal on Monday, six months after its return to the market. American Honda is not quite a frequent issuer, but its new five year deal on Monday took its total outstanding deals in euros to five.
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De Volksbank enjoyed a strong reception for its 10 year benchmark covered bond and, in contrast to unsecured French and UK deals being sold simultaneously, the smooth execution showed the asset class is a “rainy day” product.
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Koninklijke Philips, the Dutch healthcare technology group, cut its stake in Philips Lighting to 18.3% through an accelerated bookbuild on Monday night.
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The spike in volatility and soggy performance of recent IPOs did not deter a fresh wave of companies across Europe from bringing new stock market listings this week.
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An exit from NIBC, the Dutch bank, may finally be in sight for JC Flowers after the bank filed an intention to float document on Monday.
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Bank Nederlandse Gemeenten this week capitalised on movements in short end dollar rates to print its largest trade in nearly two years. It was the solitary dollar benchmark this week, but with the Chinese New Year holidays out of the way and Asian investors back at their desks, bankers expect supply to pick up next week and for the very short end to still be the place to be.
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De Volksbank has appointed joint leads for a roadshow with plans to issue a 10 year benchmark covered bond — a tenor that has tended to be a little unloved in the secondary market. ANZ New Zealand has also appointed leads for a roadshow.
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Bank Nederlandse Gemeenten on Wednesday sold its largest bond in nearly two years, as underlying rate dynamics allowed the issuer to offer a juicy spread over US Treasuries and an attractive yield to investors.
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Bank Nederlandse Gemeenten will reopen the dollar market for SSAs after a US public holiday on Monday — but is very much keeping to a trend set in the currency last week.
