The Netherlands
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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.
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Van Lanschot Bankiers is expected to open books on Tuesday for its inaugural conditional pass through covered bond. The first Norwegian deal of the year could be announced soon. Meanwhile Berlin Hyp is on the road with its Green covered bond.
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Covered bond supply surged this week with investors piling into deals that offered little new issue concession and negative spreads, leading to concern that an inflection point was at hand. However, there was no sign of investor pushback, with the tightest deals from core European issuers experiencing a high level of demand. But some bankers were left wondering just how long the superb conditions would last.
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NIBC issued a €500m seven year conditional pass through (CPT) covered bond on Thursday, the first covered bond from a Dutch bank this year, but the second CPT structure after UniCredit. In contrast to many recently issued bullet maturities, the transaction offered a generous spread.
