The Netherlands
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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.
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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.
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Shares in ForFarmers, a Dutch animal feed cooperative, began trading on Euronext Amsterdam on Tuesday May 24, after a quasi-IPO in which the privately traded shares were relisted on the public market.
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ABN Amro printed the first FIG green bond of the year at a level flat to its senior curve on Monday, as investors showed keen interest in the new issue.
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NIBC has mandated leads for a 10 year conditional pass through covered bond (CPT), the longest ever seen from a Dutch bank. The issuer follows Aegon Bank which last week saw exceptionally strong demand for its €500m seven year.
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The European Financial Stability Facility is the biggest confirmed name for euro issuance next week, with a wide variety of trade options open to it, according to bankers.
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There was a steady stream of sterling deals in the supranational and agency market this week, amid confidence that volumes will keep up until the UK’s referendum on European Union membership is imminent.
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Caja Rural de Castilla-La Mancha this week issued the first Cédulas in more than two months and swept aside concerns that peripheral issuers would need to pay lavish new issue concessions.
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Nederlandse Waterschapsbank showed the bid for duration in euros is alive and well, after a rapid book build on Thursday on its debut 20 year euro syndication, while a French agency lined up a dual tranche deal.
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Shares in Van Lanschot, the Dutch investment bank that is transforming itself into a pure wealth manager, have traded fairly stably as its ‘re-IPO’ has been announced and got under way this week.
