The Netherlands
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Rabobank welcomed huge demand on Wednesday for its first ever non-preferred senior bond, bringing a deal forward before the Netherlands has legislated for the asset class. -
A note by law firm Mayer Brown has advised counterparties trading with International Swaps and Derivatives Association (ISDA) documentation to consider special amendments if they want their contracts to take into account the effects of negative interest rates, referencing a recent court decision.
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Bank Nederlandse Gemeenten has increased its total funding requirement for the year as it prepares for the second half of 2018.
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Restricted tier one bonds sold by Vivat, the Dutch insurance company, were zipping tighter in the secondary market on Tuesday, following reports that its Chinese owner Anbang Insurance Group was looking to open a sales process for the firm.
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Rabobank's head of sustainable markets has left the bank, to take up a job in Brazil. He will be replaced by a colleague who has worked in sustainability for many years.
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ABN Amro said on Wednesday that it would cut staff and risk-weighted assets from its corporate and investment banking business, aiming to push return on equity at the unit from 5.8% in the first half of this year to above the bank’s 10% target.
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Interdealer broker TP ICAP revealed on Tuesday that it had chosen Paris as its post-Brexit hub in the European Union, as new CEO Nicolas Breteau called for the flexibility to pay company brokers the "market rate".
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Bank Nederlandse Gemeenten kept the sterling tap running as the sole deal in the primary SSA market on Monday, with a Norwegian agency lining up to follow it on Tuesday.
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FMO has printed an onshore Georgian lari bond for the first time, with proceeds helping a drive to de-dollarise Georgia’s economy.
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The third week of July finally saw the summer lull kick in, with SSA issuance volumes at less than half of what was sold last week. But Bank Nederlandse Gemeenten still managed to snatch up a successful tap, and SSA bankers and issuers reckoned the market still bodes well for new issues.
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Bank Nederlandse Gemeenten on Tuesday achieved big size and a decent price with a €750m tap of a 10 year bond whose original issue had underwhelmed — leading one SSA banker to reference Hollywood by calling the reopening the “Shawshank Redemption”.
