The Netherlands

European high yield bond issuers roadshowed for seven lower rated new offerings this week, leaving behind the quiet of the post-Easter recess. What followed was a vigorous tug of war over pricing and terms in which bankers and investors claimed different victories.

NIBC Bank paid a healthy premium for a senior unsecured bond on Thursday, in its first new offering following two ratings upgrades and its debut sale of additional tier one debt.

The investment grade corporate euro bond market had shown a steady return to strength after Easter, but Thursday's five-deal spree tested its resolve . The market last saw that many deals on March 15 – a day described by one syndicate banker as a repricing point.

The euro market is back in gear after a few weeks of slow issuance. Three borrowers have mandated deals for Tuesday’s session but one opted for a one day execution, coming on Monday to get ahead of the rush.

Covered bonds issued this week by Compagnie de Financement Foncier (CFF), ABN Amro and ING Bank offered premiums well in excess of any other seen this year. The three deals repriced the secondary market and set a pattern that is likely to become more established over time.

Czech investment fund PPF Group has kicked off the syndication of a €3.025bn loan, which it is using to fund the acquisition of Norwegian telecoms group Telenor’s central and eastern European operations.

ING has mandated leads for its first covered bond in five years. Although demand for the rare credit is likely to be strong, the secondary market has continued to soften.

ABN Amro issued the tightest ever 20 year covered bond on Wednesday, but was obliged to pay a considerable new issue premium, causing a repricing of its curve and the market.

ABN Amro is set to return to the covered bond market with its second deal of the year and its longest so far. At the same time The Mortgage Society of Finland plans a roadshow.

AerCap Holdings, the Dutch aircraft leasing company, found big demand from lenders for its four year revolver, with the size of the facility rising by 46% to $950m during syndication.

ING Bank has appointed a new head of equity syndicate to replace a veteran managing director moving to a new role within the firm.

Covered bond investors would be better off ensuring a full recovery and maturity extension than accepting a partial recovery and claiming the remainder from the insolvency estate of the issuer, according to delegates who voted at the IMN conference in London on Tuesday.