The Netherlands
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Fugro, the Dutch geo-data specialist, has completed its €197m rights issue, a key proponent in a large refinancing package that resolves longstanding issues around debt maturity. -
Qiagen, the Dutch diagnostics company, has launched the sale of a new convertible bond to refinance the unwinding of an older bond, set to mature in 2021.
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Shares in Fugro, the Dutch geo-data specialist, rose by over 7.5% in trading on Wednesday after the company set terms for a €197m rights issue. The cash call is part of a comprehensive refinancing package that finally resolves longstanding issues around debt maturity.
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Partners in Equity, a venture capital firm, sold a €319m block in Dutch payments firm Adyen on Tuesday evening, taking advantage of a substantial rise in its stock price this year.
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Bank Nederlandse Gemeenten concluded its benchmark funding programme for the year on Tuesday with a dollar sustainability bond that garnered the issuer's bigger ever order book in the currency.
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Dollars was the flavour of the day for public sector borrowers on Tuesday as three issuers headed to the currency, raising a combined $12bn. Two more SSAs will follow with dollar deals on Wednesday.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies in mid-November. Joining the scorecard this week is the European Union, which launched its Support to Mitigate Unemployment Risks in an Emergency (SURE) programme in October.
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Italy held a series of investor calls on Thursday in preparation for a trip to the dollar bond market. Italy returned to the currency last year after almost a decade away, and announced that it intends to access the market every year.
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De Volksbank took advantage of a sell-off in the rates market to issue a 20 year covered bond on Wednesday and, thanks to the extra yield it offered enjoyed good demand, albeit quite sensitive.
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De Volksbank mandated joint leads on Tuesday for a 20 year soft bullet covered bond, building on the earlier successes of two other issuers that recently responded to investor demand for yield with deals in this same maturity.
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Aegon Bank issued its first covered bond in three years on Monday, with the double digit spread drawing robust demand, enabling the conditional pass through bonds to be priced inside fair value, thereby catalysing a repricing of the Dutch CPT market. The deal follows a sub-benchmark 20 year soft bullet covered bond from NN Bank.
