The Netherlands
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Volume figures released by major derivative exchanges for November show a marked rise over October's numbers, with some exchanges reporting record volume days in the aftermath of the US election.
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Dutch construction company Royal BAM Group has refinanced a €417.5m revolving credit facility due to mature in 2018, with a smaller loan of €400m with tighter pricing, after printing a €125m convertible bond in June. -
BE Semiconductor Industries' €125m convertible bond has traded up since its successful launch on Wednesday, when the company raised seven year money to expand factories in Asia at an attractive 40% premium to its current share price.
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Violent volatility as bond investors adapted to a new rates landscape following the election of Donald Trump as US president quelled demand for public sector paper this week, with one issuer understood to have opted against bringing a planned deal. There is hope that calm will return in time for the January funding rush — but some fear the president-elect represents a continuous risk to market harmony.
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The bounce in international equities since the election of Donald Trump as US president has led, as widely expected by market participants, to a wave of block trades this week, some of which were covered very quickly.
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Intercontinental Exchange has added Goldman Sachs as the third clearing member of its ICE Clear Netherlands subsidiary.
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The ferocious onslaught of block issuance is continuing tonight, with four vendors out in the market, led by the Dutch government, which has begun the next phase of privatising ABN Amro by selling 65m shares, a 7% stake, worth €1.36bn.
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Bank Nederlandse Gemeenten has fallen just shy of full subscription with its first ever dollar sustainability bond, as bankers lamented a volatile backdrop in one of the last clear funding windows of the year. GlobalCapital understands that choppy markets put off another borrower from issuing a dollar green bond.
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Public sector borrower supply is beginning to trickle through after a volatile Monday, but bankers are warning that market conditions are far from perfect — and some issuers are still unwilling to take a chance on a deal.
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Donald Trump may have pledged to “make America great again”, but his election as US president this week could also make 10 year dollar benchmarks trade again.
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Two corporates hit the new issue market on Thursday, one clinching a 0% yield and the other paying only a single digit new issue premium, despite volatility in rates markets.
