Rabobank

Fitch cut the long-term issuer default ratings (IDRs) of ABN Amro and Rabobank this week, with a rise in risk-weighted assets having helped to push down the size of the banks’ subordinated bond buffers.

Banco BPM struggled to build much of an order book behind a new tier two bond this week, with bankers arguing that investors have become more selective with their exposures to southern European names.

KPN, the Dutch telecommunications company, made its first outing in the senior bond market for four years on Monday. One lead manager expected the trade to give the issuer’s curve a strong lift.

Singaporean commodities company Mercuria has returned to the offshore loan market for its annual foray.

Royal Schiphol, the Dutch airport operator, brought a dual tranche conventional and green bond with a small to flat new issue premium on Tuesday. The issuer opted to make the longer 12 year tranche green, which bankers say is indicative of lengthening maturities in the typically mid-tenor corporate green bond market.

Senior deals from Banco de Sabadell and Mediobanca underlined the pricing benefits of printing in green formats this week, with both coming inside conventional curves. Other issuers could be tempted to follow.

Banco de Sabadell on Wednesday looked to replicate the success of Mediobanca earlier this week in capitalising on appetite for green bonds. Appetite for the Spanish lender’s inaugural green preferred senior bond led it to print the deal through fair value.

Royal Schiphol, the Dutch airport, brought a dual tranche conventional and green trade with a small to flat new issue premium on Tuesday, as even issuers in sectors worst hit by the pandemic show it’s possible to garner more investor interest by linking their debt to environmentally conscious uses.

The State of North Rhine-Westphalia and Nederlandse Waterschapsbank rebooted the long of the euro SSA curve on Wednesday with well subscribed deals and minimal new issue premiums.

The State of North Rhine-Westphalia and Nederlandse Waterschapsbank will be the first two public sector borrowers to test investors’ appetite for euro deals in the long end of the curve following the summer break.

Oryx Stainless Group, a Dutch stainless steel company, has signed an €80m syndicated loan, refinancing a larger deal and moving some of its borrowing into Thai baht, in a rare secured borrowing base facility in the southeast Asian country.

Royal Bam group, the Dutch construction company, has negotiated a waiver on its loan covenants before they were due to be tested this week. Some loans bankers say that similar agreements are expected to be made across multiple industries for the rest of the year.