The Netherlands

The SSA market showed its “resilience” to the horror show in US equities early in the week as a series of borrowers printed strong dollar trades — one with its largest ever book, another with its largest size in years and not one paying up for the privilege. Some bankers suggested they may have benefited from a flight to safety but the general sense was that if the volatility comes back, public sector borrowers need not worry.

Rating: Aaa/AAA/AA+

A pair of dollar deals on Wednesday showcased what bankers felt was a theme during a week with a volatile market backdrop, as a top tier name tightened pricing and was comfortably oversubscribed, while a second tier issuer was able to get a deal away but could not move in from price thoughts.

Public sector borrowers are reaping the benefits of investors looking to “weather the storm” of wider market volatility, said bankers, as investors poured cash into short dated dollar issues this week. Bank Nederlandse Gemeenten and Sweden are set to be the next issuers to benefit, after mandating for three year trades on Tuesday.

Anglo-Dutch consumer goods company Unilever has become known in the corporate bond markets for its multiple tranche deals. On Monday it announced its third such trade in the last three years and investors showed they still have plenty of appetite for the name, helping the company print its largest ever deal.

Two weeks after rating agency S&P softened its stance on the early refinancing of hybrid instruments, Dutch energy distributor Alliander became the first issuer to take advantage when it sold a successful hybrid deal alongside a tender offer for a hybrid bond it issued just over four years ago.

Rabobank has priced a Rmb500m ($79m) offshore renminbi bond, taking advantage of a favourable CNH cross-currency swap rate. But despite the gradual pick-up in dim sum activity, the market is divided over whether the asset class will maintain its momentum.

Rabobank returned to the covered bond market on Tuesday to issue the tightest €1bn-plus sized triple-A rated 10 year since the crisis.

Private equity firm 3i is taking advantage of bullish conditions in the leveraged loan market to launch its fifth dividend recapitalisation of Action, the Dutch non-food discount retailer it bought in 2011.

Following an investor call on Monday, Dutch energy distributor Alliander received overwhelming support on Tuesday for a new €500m hybrid bond issued alongside a tender offer for its existing €500m 3.25% hybrid. The final order book was more than €3.5bn.

Dutch energy distributor Alliander announced plans for a new euro hybrid on Monday, alongside a tender offer for the company’s outstanding hybrid. The issuer’s ratings could allow it to set a new low for the product's pricing.

The closest things to European corporate bond issues in euros on Thursday were a €200m sole-led issue for Deutsche Telekom, reported by Dealogic, and a €500m floater for LeasePlan, the Dutch car leasing bank.