The Netherlands

Bank Nederlandse

Borrowers who issued covered bonds this week that are eligible for the European Central Bank’s purchase programme (CBPP3) did not receive such a strong reception as those whose bonds were not eligible.

The start to 2016’s equity capital markets business in Europe has been tricky, but the action on Tuesday showed that high quality deals can get done very well, provided they come in a suitable window.

Wednesday brought red back to equity traders' screens after a buoyant Tuesday, but trading action confirmed the satisfactory execution of this year’s first two substantial equity capital markets deals in Europe: the €1.03bn block trade in NN Group, the Dutch insurer, and French aerospace firm Safran’s €650m convertible.

If Monday was an ugly beginning to 2016 in the equity capital market, with a 7% fall in Chinese stocks dragging world indices down, Tuesday has been much cheerier, even bringing deals in Europe.

Bank Nederlandse Gemeenten started January with a bang, roaring out of the blocks with an oversubscribed book on the year’s first euro deal, and printing its largest ever 10 year benchmark in the currency.

Bank Nederlandse Gemeenten is the solitary public sector borrower in the euro market so far this year, with a public holiday across much of Europe likely to limit issuance in the currency this week.

Rentenbank and Bank Netherlands Gemeenten have revealed their funding plans for 2016.

The Bank for International Settlements (BIS) published its second set of proposals for gauging risk and capital charges under the Standardised Approach on Thursday. It has recommended dropping the debt service coverage (DSC) ratio for mortgages, in favour of relying on the Loan to Value (LTV) ratio, a decision that is expected to hit Dutch banks in particular.

Rabobank plans to undergo a huge revamp of its strategy and structure in order to comply with heavier capital requirements.

Oil services company Fugro on Thursday cut the size of its credit facilities from €775m to €500m, with one bank dropping from out of the lending group.

Flint Group, the printing and packaging inks supplier, has allocated a €150m add on facility to the six year term loan ‘B’ it signed in May.