Rabobank
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La Banque Postale shied away from hitting the bottom end of the guidance pricing range for its debut additional tier one (AT1) on Wednesday, after losing about half of its order book during the sales process. -
The Netherlands’ Tennet Holding has increased the size of its bank revolving credit facility to €3bn and linked the margin to sustainability goals, in a deal the electricity transmission system operator says is the largest sustainability-linked revolver in the Benelux region.
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Mizuho MTN banker Alain Sanz-Gadea has moved to Rabobank.
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Bank Nederlandse Gemeenten included its environmental, social and governance (ESG) ratings in a mandate announcement for its upcoming sustainability bond on Monday, following in the footsteps of KfW which kickstarted the movement with its green bond tap last week.
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Spanish banks are using strong market conditions to their advantage towards the start of November, with Banco de Sabadell completing its annual funding plans this week and UniCaja Banco getting ready to launch its debut tier two transaction.
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There is a growing pipeline of subordinated bond issuance in the FIG market this week, as issuers think about their regulatory requirements and find no reason to wait in light of a recently favoruable backdrop.
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Fitch is forecasting a negative outlook for the issuer ratings of some of the largest lenders in the Netherlands, warning that the early introduction of a risk-weight floor for mortgage assets could weigh on the country’s banking sector through additional capital demands.
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Investors have been keen to lock in the money they made in the FIG bond market this year, rather than add new risk. This week, Rabobank added a green element to its latest bond in an attempt to encourage investors out of their shelters.
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Banks could ramp up the supply of new bond deals towards the beginning of November, according to FIG DCM officials, after taking a slower and more cautious approach to the market in recent weeks.
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Rabobank shrugged off a little price sensitivity this week to launch a green non-preferred senior bond at a spread that FIG bankers said was as much as 5bp through fair value.
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Argenta Spaarbank’s trade this week was a warning to smaller banks about the importance of good pricing and roadshows in selling bonds. But even for those issuers willing to heed those lessons, it may already be too late to issue debt, writes David Freitas.
