The Netherlands

The SSA dollar market’s resilience in the face of a series of potential headwinds was standing firm this week, with Netherlands Waterschapsbank’s benchmark from late last week tightening while bonds in the euro sector widened.

Rating: Aaa/AAA

ING has been busy in the capital markets in recent months, and it took another €4.5bn of senior funding through its operating company on Monday, backed by €7.5bn of demand from investors.

Socially responsible investment deals were the focus of attention in the primary SSA market this week, as the World Bank and the Flemish Community of Belgium sold well-received green and sustainability bonds, respectively. Bank Nederlandse Gemeenten and Eurofima have added to the public sector SRI pipeline, which is showing no signs of slowing down as the year end approaches.

The Netherland’s AVR has signed a €100m sustainable credit facility, with the waste to energy company pushing out maturities to up to seven years.

The Flemish Community of Belgium was twice covered for its debut sustainability bond on Monday, following the completion of a pan-European roadshow last week. Meanwhile, Bank Nederlandse Gemeenten has added to the SRI pipeline after mandating banks for its second sustainability trade of the year.

Rating: Aaa/AAA

Nederlandse Waterschapsbank (NWB) will look to fill the €1bn-€1.5bn it has left to raise this year with its annual water bond benchmark and potentially a short end benchmark. That is in keeping with the wider SSA market, where bankers expect socially responsible investment (SRI) issuance to form the bulk of this year’s final trades.

NIBC Bank issued its first ever bond transaction in sterling on Thursday after a dormant period for financial sector borrowers in the currency.

A strong order book allowed ING to raise €1.5bn on Thursday with the euro leg of its first ever green holdco bond — a size that was twice as large as any other financial institution has so far achieved with an unsecured green transaction in the currency.

Nederlandse Waterschapsbank will look to fill the €1bn-€1.5bn it has left to raise this year with its annual water bond benchmark and potentially a short end benchmark. That is in keeping with the wider SSA market, where bankers expect SRI issuance to form the bulk of the last trades this year.

ING is lining up its first ever sale of green bonds from its holding company, having made the unusual decision to sell a tranche of debt in dollars as well as euros.