The Netherlands
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Nationale-Nederlanden Bank (NN Bank) has registered its covered bond company, suggesting it plans to follow Rabobank with a debut deal. The move could lead to less Dutch RMBS supply, where it had been a regular issuer alongside Delta Lloyd, with which it is merging. -
Nederlandse Waterschapsbank’s first ever affordable housing bond raised €2bn across two tranches on Wednesday. One banker on the deal said he was “certain other borrowers will issue more like this”.
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With many borrowers far ahead of schedule in their funding programmes and ebullient mood of the past month receding, attention is turning to more strategic trades as well as socially responsible issuance.
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Nederlandse Waterschapsbank will come to market on Wednesday for its first ever affordable housing bond.
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With borrowers universally ahead of schedule in their funding programmes but investors hungry for more supply, attention is turning to the market for socially responsible investments. Three agencies hit screens to sell SRI bonds this week, while a fourth is on the road marketing another.
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Investors flocked to Rabobank’s first covered bond on Monday even though it was was priced tighter than any other non-German deal by a considerable margin.
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NN Group, the Dutch insurance firm, was looking to raise €900m of senior bond funding in the primary market on Wednesday, in a bid to fund its merger with fellow Dutch insurer Delta Lloyd.
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The Kingdom of Belgium hit the long end in euros on Tuesday, taking advantage of a healthy market to raise €3bn with a 20 year bond. Meanwhile, Nederlandse Waterschapsbank (NWB) announced a tap of a 2041 line.
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A pair of agencies launched socially responsible investment deals in euros on Tuesday, while a third picked banks for a dollar trade.
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International consumer finance company Home Credit Group is syndicating a slice of its €500m fundraising to Asian banks.
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The robust demand that Rabobank reeled in for its two part debut covered bond issued on Monday provided the basis for an aggressive spread tightening, especially in the longer-dated tranche.
