The Netherlands
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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. -
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.
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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.
