BNG storms US with 144A
Bank Nederlandse Gemeenten (BNG) took advantage of a compelling backdrop for European agencies in the US dollar market this week to launch an inaugural 144A transaction, becoming the latest agency to incorporate 144A language into its borrowing programme.
Coupons of 1.75% in five years and an after-swap benefit in five years of some 45bp when swapping into six months Euribor makes dollars the currency of choice for European issuers.
Despite the extremely low yields on offer, continued appetite from US real money and central banks for
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