The Netherlands
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The African Development Bank and Bank Nederlandse Gemeenten kept the positive momentum going in the dollar SSA market this week with blowout five year benchmark trades on Thursday. -
The IPO global coordinators for Adyen, the Dutch payments processing company, were at the centre of a controversy this week after lifting the lockup agreement on the sale of new stock three months early to allow pre-IPO investors to move €1.65bn of stock. A 9% discount to the last close helped ensure a heavily oversubscribed deal, but the aftermarket was chaotic with the stock slipping as much as 19.2% at one stage on Thursday. Aidan Gregory reports.
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Dutch firm Datacenter Group has signed a €52m syndicated facility as part of an acquisition that will see it become the also data centre provider in the Netherlands.
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A jumbo €1.5bn block has been launched in Adyen, the Dutch payments processing company, on behalf of a number of the pre-IPO shareholders, after the stock closed up 8.2% to give Adyen a bigger market capitalisation than Deutsche Bank.
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Dutch registered machinery and vehicle manufacturer CNH Industrial achieved an order book nearly three times oversubscribed for its first corporate bond sale since Standard & Poor’s raised the company rating to BBB.
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Dutch grid operator Stedin and French utility Suez offered investors more of the same when they tapped into what has been strong demand for longer dated corporate bonds on the same day, but found that appetite is starting to wane.
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On Tuesday Rabobank attracted more than 300 accounts to the first benchmark-sized euro additional tier one (AT1) bond since April, as it looked to refinance legacy tier one debt that reaches a call date next year. It was also the first Dutch financial institution to issue tier one since the government proposed to change the tax law on coupon distributions.
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Dutch brewer Heineken took advantage of a quiet market on Monday’s US Labor Day holiday to print a €1.25bn dual tranche deal with new issue premiums some participants saw in single digits.
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Two of the euro corporate bond market’s more frequent issuers helped fully reopen the market with a pair of dual-tranche deals immediately following the UK August bank holiday. The quality of the credits was one of the reasons the market was able to digest €6.65bn of supply on the day.
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