The Netherlands
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Five new high yield offerings, including the biggest floating rate note seen in Europe so far this year, entered the market this week. The FRN is a sign that frontiers are becoming blurred between different leveraged finance markets for debt buyers, said bankers. -
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Bank Nederlandse Gemeenten (BNG) launched a three year dollar floater on Thursday, pricing at what one of the leads said was flat to the issuer’s curve, deftly navigating a tricky week for dollar borrowing.
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Bank Nederlandse Gemeenten launched a three year dollar floater on Thursday, pricing at what one of the leads said was flat to the issuer's curve.
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ABN Amro Bank returned to the dollar Formosa market on Wednesday at the prompting of Taiwanese investors, raising $450m from its deal.
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Bank Nederlandse Gemeenten will nip into the briefest of windows in the dollar market this week to roll over a floating rate note maturing next week.
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ABN Amro hit the covered bond market on Wednesday for an opportunistic tap of its 20 year, and despite being announced at short notice, the offering drew robust demand.
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The Inter-American Development Bank raised A$100m ($76.1m) on Tuesday by tapping its June 2026 Australian dollar bonds, despite the remaining maturity falling short of where most long end Kangaroo demand resides. Meanwhile, Nederlandse Waterschapsbank responded to reverse enquiry, tapping its 3.5% July 2027 bonds for A$15m.
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The Dutch government sold its second block of shares in ABN Amro on Tuesday night at a higher price and a tighter discount than its first, in an extremely well-received €1.5bn transaction.
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Four European agencies, and a New Zealand sub-sovereign found funds in the Kangaroo market this week. Nederlandse Waterschapsbank (NWB) on Tuesday priced a 10 year tap of a Kangaroo bond some 10bp tighter than where the original issue priced in January. Bankers said the pricing was an indication of the sheer levels of demand for long dated Kangaroo paper.
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Bank Nederlandse Gemeenten has raised £150m with a tap of a March 2022 line, ahead of more supply in the currency next week, according to a BNG funding official.
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GarantiBank International (GBI), a Dutch subsidiary of Turkiye Garanti Bankasi, has signed a $250m loan that was oversubscribed by 19 banks, according to a banker on the deal.
