Fifth Bond Sale Pulled as Cracks Grow in Europe's Primary Market
- Van Lanschot Kempen scraps sale of riskiest form of bank debt
- Italy and Brexit have undermined demand for high-yield notes
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Europe’s primary bond market suffered another blow as Dutch lender Van Lanschot Kempen NV became the fifth issuer to pull a euro-note sale in little more than a week.
The bank postponed the bond sale “due to market circumstances,” spokesman Robin Boon said by phone on Monday. The lender planned to sell as much as 100 million euros ($115 million) of Additional Tier 1 notes, the riskiest form of bank debt, according to a person familiar with the matter, who is not authorized to speak publicly and asked not to be identified.