The Netherlands

Basic-Fit, the low cost gym group, is expected to issue revised price guidance for its IPO in the next 24 hours.

Price guidance is expected imminently on the IPO of insurance company ASR Nederland, which is closing on Thursday and looks set be the biggest in the current spate of Dutch equity capital markets deals, beating last month’s listing of Philips Lighting.

Of the five IPOs due to reach completion this week, Norway’s B2 Holding finished its bookbuild today and Dong Energy has put out final guidance. Van Lanschot has also just revised its guidance. The other two — ASR Nederland and Basic-Fit — have still to refine their original price ranges.

Delta Lloyd Bank’s €500m Dutch RMBS deal was priced on Tuesday and benefitted from strong technical support as investors scramble for paper. The swapless bonds also feature more than usual credit enhancement as well as low risk NHG-guaranteed collateral that may soon become scarce.

Koninklijke BAM Groep, the Dutch construction company, raised €125m on Monday with a rare subordinated convertible bond issue, which becomes its only traded debt instrument.

ING has raided General Electric for a new head of wholesale banking, with Bill Connelly set to retire from the job in November.

Insurance firm Delta Lloyd has agreed its first revolving credit facility for €600m but the borrower has no immediate plans to draw on the facility, according to the Dutch firm’s chief financial officer.

Philips Lighting and Maisons du Monde’s IPOs have run precisely along the same timelines, with many similarities in how the sales went, and today their debut trading performances also ran in parallel, as both stocks jumped. Philips Lighting closed up 10% and Maisons du Monde 5.9%.

DBS Bank in Singapore this week issued its first deal in Australian dollars, the first covered bond from an Asian lender and the first benchmark sized Kangaroo covered bond of the year.

Delta Lloyd has announced a prime RMBS that is fully backed by Nationale Hypotheek Garantie (NHG) mortgage loans. Although these loans are less risky, the supply of them may fall due to new European regulations, said analysts at Rabobank.

The IPOs of Philips Lighting and Maisons du Monde both reached successful conclusions on Thursday. Their books built gradually, which a banker said boded well for them to trade solidly when they are listed, unlike some recent soggy performers like Telepizza.

NIBC Bank issued the longest ever maturing conditional pass-through (CPT) covered bond from a bank in Europe’s core on Tuesday. The granular order book and modest new issue concession suggested that market conditions have stayed strong.