BNG goes long and low

By Frank Jackman
04 Jul 2019

Bank Nederlandse Gemeenten printed ultra long paper this week, locking in low yields for the issuer but leaving buyers exposed to big price moves on any rate rise.

BNG placed a pair of ultra long dated €30m notes on Thursday. It sold a 0.63% July 2067 and a 0.632% July 2066. HSBC priced both trades at par.

“They are nice deals for the issuer and dealer, not so much for investors,” said one MTN banker. ...

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