The Netherlands
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Schiphol Group, the owner of Amsterdam's Schiphol Airport, on Monday sold €300m of secured notes, in a European corporate bond market that bankers say has overcome its recent anxiety about macroeconomic issues.
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Market conditions were far from conducive this week, but that didn’t stop nine issuers from raising a collective €7bn, which in several cases was done in spectacular style.
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ABN Amro surprised the covered bond market on Tuesday with a deal that was both punchy in size, tenor and coupon. The 15 year transaction illustrated strong demand for duration and confounded the view that the market is oversupplied.
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Municipality Finance is set to hit the road to showcase an upcoming debut in the additional tier one (AT1) market — and at least one other European agency could follow suit.
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Dutch chemical company Royal DSM issued into a quieter corporate bond market on Tuesday but encountered much the same conditions as those who jostled for attention on Monday.
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ING in the Netherlands has won the consent of investors to amend terms of 10 covered bonds from a hard to soft bullet maturity. The result comes after a number of changes to the documentation of its larger and more established programme. The alternative €5bn soft bullet programme will only ever be used for placing bonds internally, the issuer confirmed .
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Dutch chemical company Royal DSM issued into a quieter corporate bond market on Tuesday, but encountered much the same conditions as those who jostled for attention on Monday.
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Investors placed orders of over €3.5bn for ABN Amro’s long awaited debt additional tier one offering on Tuesday, proving the resilience of that asset class in what is once again a difficult market.
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Two insurance companies are meeting investors this week for tier two trades as the sector continues to beef up its capital ahead of the implementation of Solvency II in January 2016.
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América Móvil on Thursday issued its second exchangeable bond into stock of Koninklijke KPN in just four months, raising €750m after a €3bn issue in May. But this deal, unlike the earlier, was a mandatorily exchangeable structure.