The Netherlands
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On Thursday night, Prime Ventures, the UK venture capital firm, launched the first block trade in Takeaway.com shares since the Dutch takeaway delivery company's IPO in September 2016.
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September’s expected busy calendar of equity-linked issues in Europe made further progress this week, when Qiagen and Capital Stage sold unusually structured bonds, both of which achieved strong books and priced within their ranges — with no sign of market congestion yet.
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The pattern of equity-linked issues coming in pairs continued on Wednesday, when Qiagen and Capital Stage successfully sold bonds. Both transactions were unusual, though in contrasting ways.
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FMO, the Netherlands development agency, this week became one of the only borrowers to issue synthetic bonds referencing the Myanmar kyat. -
The Development Bank of Japan (DBJ) is set to go on the road to promote its third sustainability bond. Bank Nederlandse Gemeenten has also unveiled plans to return to SRI this year.
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Two holidays and September’s European Central Bank meeting will mean the next two weeks will offer short windows for issuance, but the success of the two deals that priced this week will inspire corporate bond issuers looking at the market.
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Two deals were priced this week in the European corporate bond market, and next week already looks busier. With a roadshow under way and four others coming up, the window before September’s European Central Bank meeting looks full.
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The two new issues that were priced in the European corporate bond market this week have both tightened from their reoffer spreads. The success of these deals has accelerated the thinking of some issuers and two more roadshows were announced on Thursday.
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Aegon became the first financial institution to price a fixed-rate senior trade with a negative yield this week, attracting strong demand from European money market funds for the €500m one year senior deal.
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Nederlandse Waterschapsbank brought some supply to the sparse long end of the SRI market on Tuesday, printing a trade that alongside Rentenbank was part of a strong re-emergence of euro supply after the summer.
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The euro market for public sector borrowers appears to be fully reopening after the summer break, with a pair of issuers bringing mandates in very different tenors. Both trades are likely to benefit from the lack of supply over the last few weeks, said bankers.
