The Netherlands
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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. -
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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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.
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Dutch dairy firm FrieslandCampina has completed the second ever green Schuldschein, increasing the deal by a third in syndication.
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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.
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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.
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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.
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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.
