The Netherlands
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The State of North Rhine-Westphalia’s decision to tap into a glut of long end euro demand won the praise of BondMarker voters, as it fell just short of an average score of 8.0. -
The Netherland’s Riwal Holding Group has substantially increased the size of its revolving credit facility, refinancing its bank debt early as terms in the slow primary market continue to be weighted in favour of borrowers.
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The Netherlands could be at the beginning of a crackdown on tax benefits for additional tier one (AT1) capital, after the European Commission said that state aid concerns had convinced it to take aim at provisions that allow banks and insurers to deduct tax from interest paid on the instruments.
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Dutch residential property company Vesteda sold a €500m eight year bond on Tuesday to help refinance its acquisition of a Dutch property portfolio from Dutch financial services company NN Group.
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The State of North Rhine-Westphalia has launched its first ever 50 year benchmark, coming to market just as Bank Nederlandse Gemeenten landed at the short end.
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Bank debt investors have calmed their nerves about the possibility that Dutch banks will call their additional tier ones at par, following a government proposal to tax the interest paid on the instruments.
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The State of North Rhine-Westphalia is set to bring its longest ever euro benchmark, as public sector borrowers line up trades across the currency’s curve.
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Dutch residential property company Vesteda offered euro corporate bond investors the first deal of July on Tuesday when it sold a €500m eight year trade to help refinance its acquisition of the Amstel Tower apartment block in Amsterdam.
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The Dutch government is planning to get rid of tax deductions for coupons on the tier one securities issued by banks and insurers, after the European Commission said that their tax treatment could raise state aid concerns.
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Barclays is working hard to expand its equity capital markets business in Northern Europe, in a bid to capitalise on what it expects to be a busy few years for the region.
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A report by Rabobank on Monday highlighted concerns over the feasibility of central clearing for pension funds, saying that the institutions faced more liquidity risks as European rules are phased in.
