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.