Rabobank
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The blossoming market for socially responsible investments focussing on social problems, rather than environmental concerns, sprouted a new shoot this week. Nederlandse Waterschapsbank’s affordable housing bond could be the first of many of its type and may open the door for housing associations to sell social bonds. -
Nederlandse Waterschapsbank’s first ever affordable housing bond raised €2bn across two tranches on Wednesday. One banker on the deal said he was “certain other borrowers will issue more like this”.
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Nederlandse Waterschapsbank will come to market on Wednesday for its first ever affordable housing bond.
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Investors flocked to Rabobank’s first covered bond on Monday even though it was was priced tighter than any other non-German deal by a considerable margin.
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Public holidays will cut short the issuance window at the end of May, but banks have enjoyed a busy month and a flurry of deals have arrived in the market this week.
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A pair of agencies launched socially responsible investment deals in euros on Tuesday, while a third picked banks for a dollar trade.
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The Export-Import Bank of Korea (Kexim) priced a five year euro benchmark on Monday, nipping in with a one day execution ahead of a trio of deals scheduled for Tuesday.
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The robust demand that Rabobank reeled in for its two part debut covered bond issued on Monday provided the basis for an aggressive spread tightening, especially in the longer-dated tranche.
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Financial institutions took a step back from the primary market on Thursday, as a resurgence in US political risk helped stunt an impressive rally and push credit spreads wider.
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The European subsidiary of CNH, the US agricultural machinery company formerly called Case New Holland, launched a benchmark euro high yield bond on Monday, as yields in the market hit new all-time lows.
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The primary covered bond market is expected to be active next week with four or five deals potenitially surfacing, in addition to the five being actively marketed. But non-eurozone bonds are being better offered, and the global interest rate outlook is becoming less accommodative.
