The Netherlands
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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. -
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.
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All four investment grade benchmark corporate bond deals that priced last week were from utilities. On Tuesday, Italian multi-services utility, Iren, and Dutch grid operator, Stedin, took the count to six.
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Agencies from the Netherlands, France and Germany are set to come to market on Tuesday for short dated dollar deals.
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Finnish property company, Mercada, was a lone issuer in the corporate bond market on Monday. Its €175m five year deal q was printed while issuers that completed roadshows last week paused.
