The Netherlands

Bank Nederlandse Gemeenten printed ultra long paper this week, locking in low yields for the issuer but leaving buyers exposed to big price moves on any rate rise.

A pair of emerging market banks placed MTNs this week. In Australian dollars, Banco del Estado de Chile printed a 10 year note on Tuesday, while on Monday, Qatar National bank placed short end dollar paper.

Issuance in Swedish kronor picked up this week, with three corporate issuers placing Skr6.28bn ($667.9m) across four private placements, as issuers looked to get in ahead of the midsummer break. In euros, a Dutch and French agency both placed paper, while protests in Hong Kong caused yields to spike in offshore Chinese renminbi and Hong Kong dollars.

A group of pre-IPO shareholders in Adyen, the Dutch payments company, have sold €311.8m of stock in response to reverse enquiries from investors. The Slovenian government also took advantage of the momentum in the blocks market to sell another 10% of NLB, the country’s largest bank.

Aegon Bank and Banco BPM each hit the euro market on Friday and launched €500m of debt in senior formats, following a week of prosperous conditions and successful deals.

Rabobank attracted good demand for a dual €2bn eight year and 20 year covered bond offering on Thursday, even though the deal was issued at the tail-end of a busy week and competed for investors’ attention in euros with Coventry Building Society and Všeobecná úverová banka (VUB).

Inalfa Roof Systems Group, a Netherlands-based car roof system supplier owned by Beijing Hainachuan Automotive Parts, is tapping Asian liquidity for a €200m loan.

IPO investors appear to be putting a high premium on company fundamentals when looking at new listings, focusing less on thematic trends and more on underlying numbers, as shown by the listings of Watches of Switzerland and Marel.

Shares in Marel, the Icelandic meat processing machinery maker, rose by more than 8% on its first morning of trading in Amsterdam after a popular IPO which attracted a broad range of investors, including environmental, social and governance funds.

The American lender issued a dual tranche transaction on Wednesday, its first ever euro-denominated bond. It is the first American regional bank to go to market since May 2017. Meanwhile, Aegon Bank is looking to issue its first senior non-preferred bond in the currency.

The €350m listing in Amsterdam of Marel, the Icelandic meat processing machinery maker, is covered on the second day of bookbuilding, having gained early momentum partly by attracting two cornerstone orders.

The Netherlands this week set a number of precedents in the sovereign green bond market with its highly anticipated debut deal in the format.