The Netherlands
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Achmea Bank has mandated leads to market its inaugural conditional passthrough covered bond programme, with the bank eyeing a €500m seven year deal. -
A wave of public sector borrowers is set to hit screens next week, providing investors who have recently been lacking socially responsible bond issues with a well stocked menu of ethically themed deals.
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Last week was a momentous one for dollar borrowing in the SSA market. The European Stability Mechanism made its long awaited debut in dollars, swiftly followed by a pair of rare 10 year transactions. Read on to see how the BondMarker voters rated the deals.
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Bank Nederlandse Gemeenten (BNG) launched its fourth sustainability bond on Thursday, printing €750m into what one head of DCM away from the trade called a “massively oversubscribed book”, in what is likely a good omen for the approaching wave of SRI borrowing.
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A pair of Dutch public sector borrowers are set to come to market with socially responsible investment bonds. The deals form the first wave of an approaching flood of SSA SRI borrowing.
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Fugro, the Dutch geosciences company, returned to the equity-linked market on Monday when it issued a €100m subordinated convertible bond due in 2024 to finance the early repayment of senior debt and US private placement notes.
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TMF Group, the Dutch business services company, has abandoned its plans for an IPO on the London Stock Exchange in favour of a sale to CVC Capital Partners.
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After several months without any long end dollar benchmark bonds from public sector issuers, two came along at once this week — bolstering confidence that conditions are right for a borrower to print in jumbo size in the tenor for the first time in more than two years.
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Another pair of public sector borrowers tapped the dollar market, hitting two and three years respectively, in contrast to Tuesday’s salvo of long end trades. One of the issuers printed well beyond its initial size expectations.
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Dutch grid operator Stedin, formerly part of Eneco, was one of several issuers that met with investors before announcing deals this week. It had been discussing a sub-benchmark three year to five year floating rate note and a benchmark eight year fixed rate note, for what was essentially its bond market debut.
