The Netherlands
-
Despite the sturm und drang that surrounded Delta Lloyd’s rights issue, with vocal opposition from Highfields Capital Management and other top shareholders, the Dutch insurance company’s deal was completed smoothly. -
ING printed an operating company tier two bond this week that can be converted into holding company debt, a new technique that could be used by other borrowers and even applied to senior unsecured bonds as banks wait for clarity on resolution rules in Europe. Tom Porter reports.
-
-
ABN Amro issued the largest 15 year euro covered bond in a decade and priced it as Bund prices rallied to historic highs, igniting a search for yield.
-
Dutch dairy firm FrieslandCampina has completed the second ever green Schuldschein, increasing the deal by a third in syndication.
-
Delta Lloyd will announce on Thursday evening or Friday morning the take-up for its controversial rights issue, which was cut in size from €1bn to €650m after public protests from some investors. The exercise period ended at 2pm CET on Thursday.
-
ING paid a small to premium to shield itself from TLAC/MREL uncertainty on Wednesday, issuing an opco tier two bond with a new feature allowing the bank to convert the notes to holdco debt.
-
ABN Amro issued the largest 15 year euro covered bond in a decade on Wednesday with a well oversubscribed, high quality order book. The transaction which is expected to offer a yield of about 1%, was priced as Bund yields hit historic lows, igniting a renewed search for yield.
-
ING has taken up the challenge of printing debt amid uncertainty over the Netherlands’ approach to total loss absorbing capacity (TLAC) requirements, while primary FIG activity has ridden out a secondary market blip.
-
ArcelorMittal’s $3.015bn rights issue, as part of its $4bn debt cutting plan, was completed oversubscribed, the steelmaker said on Monday, despite the gloomy outlook for the European steel industry.
-
LeasePlan Corp, the Dutch car finance bank that recently struggled through tough bond market conditions to price a €1.55bn subordinated high yield deal to finance its takeover by a group of institutional investors, had a very different experience on Monday when its first senior bond issue since the takeover was a huge hit with investors.
-
AkzoNobel, the Dutch paints, coatings and chemicals company, issued a €500m 10 year bond last Friday that achieved a deeply negative new issue premium, as investors piled in ahead of the European Central Bank’s expected corporate bond buying programme.
