NWB wrongfooted by Bund move

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By Burhan Khadbai
07 Nov 2019

A move in the Bund curve left the market too volatile for Nederlandse Waterschapsbank (NWB) to fully place its seven year euro benchmark on Thursday.

Following the mandate announcement on Wednesday, leads HSBC, JP Morgan, Morgan Stanley and Nomura opened the books on Thursday morning with guidance of mid-swaps minus 3bp for a €1bn no-grow November 2026.

At the next update, the spread was set at the same level ...

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