The Netherlands
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Alliander, the Dutch energy network group, issued its first green bond on Monday, a €300m 10 year note that enjoyed "a little help" from environmentally minded investors. -
Issuers stormed out of the blocks with a set of deals across the curve this week, with factors including an increase in swap spreads on the short end, a positive feeling towards the US market since Janet Yellen’s statements in March and the start of the Japanese fiscal year all credited.
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An improvement in market conditions since Nationale-Nederlanden Bank (NN Bank) was last in the RMBS market didn’t help initial spreads on its privately placed €500m deal come any tighter. As the regulatory treatment of ABS has failed to make progress, the issuer could be tempted to follow its Dutch peers and set up a conditional pass through (CPT) covered bond programme.
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Finland is lining up a three year dollar benchmark for Wednesday, following a stream of issuance on Tuesday that highlighted the strength of the dollar market.
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Highfields Capital Management, the US asset manager and largest shareholder in Delta Lloyd that fought hard to block the Dutch insurance company’s rights issue, nevertheless subscribed to its rights in the offering.
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Bank Nederlandse Gemeenten, FMO, Japan Bank for International Cooperation and the Province of Quebec all hit screens on Monday for forthcoming dollar deals, with bankers remarking that the SSA market could be set for another hectic week.
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Bank Nederlandse Gemeenten stormed into a quiet European market for private placements on Monday with one of its largest euro MTNs in years.
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InterXion Holding, the Dutch data centre operator, sold on Monday a €150m tap of its €475m 2020 bond to fund new facilities in France and Germany.
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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.
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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.
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