With the current low level of issuance from corporates, it is financial institutions that have made the majority of recent offerings out of The Netherlands. These issuances have met with a strong reception from investors in the US and Asia, as well as the rest of Europe.
The appetite in the US was illustrated in November last year, when Rabobank sold $1.75bn worth of Trust Preferred Securities, helping raise its Tier 1 capital adequacy ratio to a healthy 10.8%. The rarity of a Triple A rated bank coming to the market helped the issue come in 2.5 times oversubscribed.
