The Netherlands
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Once the wild west of finance, emerging markets had dodginess and defaults aplenty. Now ethical investors want socially responsible investments. But if SRI criteria are too strict there will be nothing to buy, writes Steven Gilmore. -
A member of a sovereign’s funding team has left the country’s treasury for a job at a European agency.
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Rabobank enjoyed its visit to the dollar market for tier two debt on Tuesday, paying both a lower spread and new issue premium than it would have in euros.
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A consortium of long term investors is to buy 100% of LeasePlan Corp, the Dutch car fleet management business, funding the deal in part by issuing a €480m mandatory convertible bond.
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Goldman Sachs is out of the running for the IPO of ABN Amro, according to a banker still competing for the deal. That leaves six banks still in the race.
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Friday was a great day for Flow Traders to make its stockmarket debut. You might almost think they were traders. The Euro Stoxx 50 index opened 1.6% up as hopes rose of a debt deal for Greece, and doubled that gain by the afternoon. With that wind in its sails, Flow Traders zoomed up 14%.
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Unión de Créditos Inmobiliarios’ has issued the first Spanish RMBS since 2007. Meanwhile, ING made its first appearance in two years with an RMBS backed by better quality collateral than many covered bonds, and with a much fatter spread.
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ABN Amro this week issued the first FIG senior green bond in euros, pricing at what, by recent standards, was a slim premium to its secondary curve despite less than favourable market conditions.
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ABN Amro priced the first FIG senior green bond in euros on Tuesday in less than favourable market conditions. But the borrower did not pay up to go green.
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The long end of the French, Belgian and Dutch covered bond market is effectively closed for primary issuance because the rout in government bonds has made them too expensive. But bankers are hopeful that, with careful consideration of tenor and pricing, benchmark issuance should eventually return in shorter tenors, though probably not until June.
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Van Lanschot Bankiers printed its inaugural conditional passthrough covered bond on Tuesday. A good quality book and a well flagged deal helped the issuer price flat to NIBC’s recent trade. Bankers said it paid a minimum market entry premium to make a successful debut.
