The Netherlands

SNCF Réseau steamed ahead with a new century bond issue this week, its second and largest deal to date, amid declining rates that has seen more and more investors take a risk at the ultra-long end in return for yield pick-up.

Swiss firm responsAbility Investments has closed a $175m microfinance CLO via JP Morgan, revitalising an industry which last saw issuance before the financial crisis.

Emerging market consumer finance company Home Credit filed its draft prospectus in Hong Kong on Monday, setting its $1bn-plus IPO in motion, according to a source with direct knowledge of the matter.

Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week, a banker said. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, and Export Development Canada and Erste Abwicklungsanstalt are set to follow.

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.