The Netherlands
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ABN Amro targeted sterling for a £300m six year senior bond on Monday, pricing more tightly than could have done in euros, according to rival bankers. -
The Dutch government has opened the selection process for banks to lead the IPO of ASR Nederland, the life and non-life insurance company nationalised in October 2008. The plan is to float a 30% to 50% stake in the company in the first half of 2016.
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Aegon Bank issued its first covered bond on Tuesday, a €750m five year conditional pass through (CPT).
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Marel, the Icelandic food processing company, has signed €670m of loans that it will use partly to finance the acquisition of Netherlands-based Meats Processing Systems.
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Aegon Bank was raised €750m for its debut covered bond. The five year conditional pass through (CPT) offered a fair pick-up to where Dutch national champions would have priced, and the level of other Dutch CPTs, and the issue drew a moderately oversubscribed book.
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ABN Amro’s shares rose 3.5% on Friday, November 20, after it restarted life as a private sector bank with a successful IPO in Amsterdam. The deal raised €3.34bn and priced at 0.986 times book value, giving the bank a market capitalisation of over €16.7bn.
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The capital raisings of Greece’s four largest banks, totalling €6bn, continue to dominate the news in equity capital markets this week, though the IPO market is bringing its fair share of deals as well.
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ING Bank was able to price its debut euro green bond inside its regular senior curve on Tuesday, with bankers estimating a very slim premium for the well subscribed trade.
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The Dutch bank has mandated leads to roadshow its inaugural conditional pass-through covered bond.
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Aegon Bank, the subsidiary of the Dutch globally systemically important insurer Aegon, has set up a €5bn conditional pass through (CPT) covered bond programme that is registered with the Dutch central bank. A triple A-rated transaction is expected this year.
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Between 600 and 700 meetings are scheduled to take place over the course of the investor education phase of ABN Amro’s initial public offering in Amsterdam.
