The Netherlands
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The January rush of bond issuance is flooding screens with public sector deals, with $10bn of dollar funding and €4bn in euros arriving on Tuesday alone. Issuers are looking to stock up ahead of what may be a volatile year, but the strain may be beginning to show. -
The belly of the curve appears to be the favoured spot in euros, with the European Financial Stability Facility selling a €3bn November 2022 and Agence Française de Développement announcing that it intends to bring an April 2022 on Wednesday. Further out in the curve, the market is proving less supportive.
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KommuneKredit and Unédic have both pulled off strong trades, getting in ahead of what is expected to be a busy week in euros by coming to market on Monday.
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NN Group mandated banks for an offering of senior and subordinated debt on Monday, as the firm looks to merge with fellow Dutch insurer Delta Lloyd.
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The UK Debt Management Office has picked the maturity and timing for a scheduled bond sale later this month. Elsewhere in sterling, a pair of issuers added deals to a bumper opening week that fell just short of a record.
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Four covered bonds issuers raised almost €6bn between them at the long end of the curve this week, suggesting borrowers are prioritising tougher, longer duration deals. And while conditions permit some are issuing in the largest size possible.
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Searing conditions in the sterling market could lead to a record opening week of SSA issuance in the currency as a pair of issuers lined up deals for Friday — despite this only being a four day week.
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ABN Amro issued its third 15 year covered bond in three years on Wednesday and, in a surprise late addition, tacked on a sub-benchmark 20 year.
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The plans of London Stock Exchange Group and Deutsche Börse to pursue a merger of equals received a boost this week, as rival exchange Euronext agreed terms with the LSEG to buy its Paris clearing house business LCH SA in an all cash offer.
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Bank Nederlandse Gemeenten (BNG) launched the first SSA benchmark of 2017 on Tuesday. While the agency raised €1bn, its success was muted in comparison with the way it opened 2016.
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Nederlandse Waterschapsbank has become the third European SSA to sell sterling this week, tapping a three year line for its second deal in the currency this year.
