The Netherlands
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Belgium took advantage of more attractive funding conditions in dollars versus euros and strong demand at the 10 year point of the curve to sell its first dollar bond since 2017 on Tuesday. SSA supply in dollars will continue on Wednesday with the Asian Infrastructure Investment Bank and Nederlandse Waterschapsbank bringing socially responsible deals. -
ING has become the latest EU bank to sell subordinated debt during the coronavirus crisis, after capitalising on healthy levels of demand for its tier two paper on Tuesday.
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Achmea was marketing a senior bond on Monday to refinance an outstanding bond maturing in November. The Dutch insurer started with a 'juicy spread', according to some market participants, and gave away a new issue premium of 5bp-10bp to investors.
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NN Bank has announced plans to set up a soft bullet covered bond programme, which is likely to result in a considerable saving in the cost of funding relative to its existing conditional pass three (CPT) programme and enable it to access long term funding with maturities beyond 10 years which, until now, are tenors that have not been available.
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Rentenbank jumped into a quiet Kangaroo market on Thursday to print its first Australian dollar bond since August 2019.
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The Netherlands has increased its borrowing programme for the year as a result of a measures taken by the government following the outbreak of the coronavirus pandemic.
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Rabobank has become the first Dutch bank to enter the credit markets in over two months, after launching a non-preferred senior bond on Wednesday. The issuer tacked on a call option, which bankers say are cheap to deliver in the market at the moment.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Tuesday, April 14. The source for secondary trading levels is ICE Data Services.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies in early April.
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A trio of agencies hit screens with dollar deals on Tuesday. Bank Nederlandse Gemeenten and CDP Financial tapped the three year part of the curve, while the Ontario Teachers’ Finance Trust reopened a five year market that had been shuttered by coronavirus-related volatility.
