NWB “expose themselves” with soggy dollar deal

Nederlandse Waterschapsbank’s (NWB) attempt to access the dollar market with a five year bond appeared to struggle despite the strongly received deal from Kommunalbanken earlier in the week which opened doors for implicitly guaranteed issuers. The deal was priced at 120bp over swaps – 10bp back of initial price thoughts – and there was no evidence to suggest the deal was much more than half sold.