The Netherlands
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Dividend recapitalisation deals, like Ten Cate’s new €125m term loan, launched on Tuesday, are on the rise. The technique, considered aggressive by leveraged loan investors, is nevertheless becoming more common and accepted in the present issuer's market. -
Achmea Bank has issued its first conditional pass through covered bond, pricing in exactly the same steps with the same final result as Aegon had earlier this week.
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Aegon Bank smashed through the mid-swaps flat barrier to price its first conditional pass through (CPT) covered bond substantially below the reference rate on Tuesday. The deal’s success implied that investors saw through the weakness of the structure to the strong credit, or that they have lost their capacity to price extension risk.
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The trend for corporate issuers in Europe in 2017 has been to sell bonds with longer tenors. However, among this week’s deals were three short dated floating rate notes, which all garnered huge demand.
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More socially responsible investment paper from public sector issuers keeps arriving on screens, but despite the deluge, borrowers are still managing super-tight spreads and selling healthily subscribed deals. And there’s still more to come.
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Nederlandse Waterschapsbank (NWB) launched a four year green bond on Tuesday, pricing flat to its curve and clearing the way for Agence Française de Développement (AFD) to attempt to emulate the Dutch agency’s success.
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The trend for corporate issuers in 2017 has been to sell bonds with longer tenors, but in among a five deal issuance spree on Monday was a couple of two year floating rate notes from rare issuers.
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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.
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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.
