The Netherlands
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Aegon Bank paid special attention to timing when pricing its first soft bullet covered bond, reflecting challenging market conditions, according to the bank's head of capital market solutions, Lein Pieter Cevaal. -
Aegon Bank has mandated leads for its first soft bullet covered bond with a deal in the ultra-long end, where demand has proved tricky more lately. Unlike Aegon’s previous conditional pass through (CPT) issuance, this transaction is eligible for the ECB's Covered Bond Purchase Programme.
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Portuguese insurance company Fidelidade is looking to sell a tier two bond this week, three years after first exploring the idea of issuing a subordinated debt instrument.
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Volatility subsided amid a series of public holidays in Europe on Monday, raising hopes for a busier week of bank bond supply.
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Several SSA borrowers hit the market in dollars this week, with most achieving strong results in spite of the sharp moves in the underlying rates market.
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Dutch agencies were active in core currency MTN markets earlier this week, including FMO, which sold its first currency-linked bond for almost a year.
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Bart Van Dooren, head of funding and investor relations at Bank Nederlandse Gemeenten, will be retiring in January.
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A flurry of dollar issuance hit the market on Tuesday, covering a wide range of spreads and formats.
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Aegon Bank has registered its soft bullet covered bond programme with the Dutch central bank and has published its base prospectus, suggesting it could be ready to mandate leads after posting results this week. Aegon follows NN Bank, which became the first Dutch bank to switch away from using conditional pass through (CPT) covered bonds, with Achmea Bank set to follow.
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Basic Fit, the Dutch low-cost gyms operator, has sold €204m of new shares to finance growth opportunities once its sites are permitted to reopen.
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Shares in Allfunds, the B2B fund distribution platform, rocketed on Friday, their first day of trading in Amsterdam. The news was a bonus for an IPO market which had started to stutter. This week Synlab the German laboratory technology company has struggled to get its IPO covered and the listing of Trustly, the Swedish fintech unicorn has been pulled.
