The Netherlands
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Another stellar week for equity block trades in EMEA finished on Thursday night with the launch of a €1.5bn sale of shares in ABN Amro by the Dutch government, making this the biggest week of the year for blocks in EMEA. -
Jefferies has opened an investment banking office in Amsterdam and has poached a team of bankers from Deutsche Bank to run it.
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Ahold Delhaize, the Dutch supermarket company, was the only IG corporate issuer to price a deal on Tuesday. But unlike the five triple-B rated issuers on Monday, the food retailer paid a single digit new issue premium.
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ASR Nederland, the Dutch insurer, has returned to full private ownership after NLFI, the organisation that manages the investments of the Kingdom of the Netherlands, sold its final 20.5% stake via an accelerated bookbuild on Wednesday evening that attracted over 150 investors.
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Monday saw five new corporate bond issues in Europe, but Ahold Delhaize was the only issuer to price a deal on Tuesday. Unlike the triple-B rated issuers on Monday however, the Dutch food retailer paid a single digit new issue premium.
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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.
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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.
