The Netherlands
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Aegon Bank has mandated leads for a €500m no-grow conditional pass-through covered bond and UniCredit's German subsidiary has appointed leads for a six year Pfandbrief. -
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Julie Wakkie has joined ABN Amro as head of equity syndicate in Amsterdam.
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TenneT, the Dutch electricity grid company, brought a €1bn dual tranche green bond issue on Monday that was oversubscribed, but by less than other recent deals. However, the quality of the book helped both tranches perform in the secondary market.
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On Monday night, NLFI, the organisation that manages the investments of the Netherlands, completed the sale of another chunk of its stake in ASR Nederland, the insurer nationalised during the financial crisis.
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Bank Nederlandse Gemeenten slam-dunked a single day euro execution on Monday into a market buzzing from a pair of eurozone election results over the weekend. Another two issuers have lined up euro deals — including one debut.
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Tennet, the Dutch electricity grid company, brought a €1bn dual tranche green bond issue today that was oversubscribed, but by less than has been common, suggesting that demand for corporate bonds may be cooling.
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The blossoming market for socially responsible investments focussing on social problems, rather than environmental concerns, sprouted a new shoot this week. Nederlandse Waterschapsbank’s affordable housing bond could be the first of many of its type and may open the door for housing associations to sell social bonds.
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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.
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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.
