The Netherlands
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August has been a volatile month in recent years, with the Chinese devaluation last summer and a flare-up in Greece's debt crisis. Yet so far indices have remained stable this time. Stability could also be torpor if primary activity is anything to go by. Just a handful of small European deals in progress show a market in the full grip of the summer slowdown.
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NRW.Bank will on Tuesday become the latest public sector borrower to enter a super strong dollar market that shows no sign of shutting down for the summer, after the German agency mandated banks on Monday. -
Human resources company Randstad will draw down on its existing credit facilities to fund its acquisition of Monster Worldwide, a recruitment service connecting employers and potential employees. The $429m merger could mark the end of a highly acquisitive period for the Dutch group, as the company vowed to limit further M&A spending.
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The Netherlands Development Finance Company (FMO) sold a ZK104m ($10.3m) five year note to a single investor on Monday.
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Cloetta, the Swedish confectionery company, has agreed Skr3.7bn ($430m) of unsecured loans with a group of four Nordic banks, its first ever syndicated loan.
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Commodities trader Trafigura is expected to launch its annual Asia-focused syndicated loan shortly, with the firm having sent invitations for roadshows in the region.
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The conditional pass through (CPT) covered bonds issued by Aegon Bank should trade tighter than other Dutch CPTs, say analysts at Commerzbank research. Bankers say all CPT Dutch bonds should perform, as they are one of a few in core Europe that still offer a positive spread to mid-swaps.
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Obvion’s €1bn Purple Storm Dutch RMBS deal, which sold the entire capital stack, shows that despite the growth of whole loan portfolio sales, there is still interest in using securitization as a capital relief tool.
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Bank Nederlandse Gemeenten placed its inaugural social bond on Wednesday sharing the socially responsible investment (SRI) sector with a tap from the International Finance Corporation. The Dutch agency now wants more of the same.
