The Netherlands

Unibail-Rodamco-Westfield, one of the world's largest owners of shopping malls, launched a €9bn-plus turnaround plan on Thursday, which includes a €3.5bn rights issue. The aim of is to reduce its leverage to help it withstand the Covid-19 pandemic.

The Dutch State Treasury Agency has revised down its 2020 borrowing programme as a result of a better improvement than expected in its cash deficit.

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.

GlobalCapital caught up with Rabobank's head of long term funding, Ger Buls, and head of investor relations, Mirjam Bos, to ask about the impact of Covid-19 on the bank's balance sheet, the usefulness of crisis management tools and prospective funding needs.

International Finance Corp sold the first Kauri bond in more than two months on Thursday, while in the Kangaroo market a pair of European agencies tapped a pocket of demand further down the curve.

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.

Adyen’s senior managers, including its billionaire co-founders, have sold €693m of shares in the Dutch payments company after it declared strong first half results on Thursday.

FIG market participants expect a smooth return to euro bond issuance from next week, with bankers and investors now set up to facilitate deals where ever they may be.

Although the MTN market contracted during the first half of 2020, structured issuance rose. The bulk of the increase came in the form of notes with calls added to enhance yield.

Solid financial results are encouraging Dutch insurance companies to resume dividend payments and share buyback programmes after getting the green light form the national regulator.

BE Semiconductor, the Dutch semiconductor maker, has followed its peer STM Microtronics into the equity-linked market this week by selling a €150m seven year convertible bond.