The Netherlands
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After nearly a month without 10 year benchmark covered bond supply, Dutch issuer Van Lanschot Bankiers returned to the market on Wednesday with a conditional pass through deal.
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ING successfully sold its first holding company level tier two since it changed its point of resolution last year, though new issue premiums have been rising and order books shrinking as European election fears set in. -
Political volatility in France has buffeted the euro market this week, leaving some public sector issuers floundering as government yield curves spiked. Other issuers have had no such troubles though, thriving amid the turmoil.
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Two public sector borrowers had very contrasting fortunes with no-grow three year dollar bond issues on a volatile Tuesday.
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The Dutch covered bond issuer, Van Lanschot Bankiers has mandated leads for the first 10 year covered bond in nearly a month and the first Dutch conditional pass through (CPT) since May 2016. The deal emerges following a Fitch survey suggesting investors would like to see price differentiation between soft bullet and CPT maturities.
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A trio of issuers brought deals across the short end of the dollar curve on Wednesday, adding to what one SSA syndicate head described as the “ideal January”. Supply looks to have dimmed for now, with no deals on screen for Thursday and Chinese New Year holidays next week likely to halt benchmark issuance, but bankers believe conditions are so hot that arbitrage deals or floating rate notes could still break through.
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Public sector borrowers are staying focused on the belly of the dollar curve, with a pair of issuers lined up for Wednesday. Demand at that part of the curve shows no sign of letting up, with two issuers out in fives on Tuesday — one of which was able to increase the size of its issue from its initial target.
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KfW has invested more money in Frontclear, an organisation which offers guarantees to help clear emerging market and frontier market trades, boosting access to international interbank markets.
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The acceleration of equity block trading in Europe continued on Thursday evening, when NLFI, the organisation that manages investments for the Dutch government, launched the sale of a 13.6% stake in ASR Nederland, the insurer nationalised during the financial crisis.
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A seismic shift has affected appetite in euro borrowing. Investors driven out to outlandish maturities by low rates have come flooding back to the belly of the curve.
