Two SSA borrowers tapped the seven year part of the euro curve this week, but came away with different results. Luxembourg received an oversubscribed book for its deal on Wednesday, while Nederlandse Waterschapsbank (NWB Bank) had to price without fully placing its €1bn trade.
Following an investor call on Tuesday, on Wednesday morning Luxembourg’s leads BCEE, BGL BNP Paribas, Bil, Deutsche Bank and HSBC announced initial price thoughts of mid-swap minus 10bp area.
With more than €3.5bn of indications of interest, guidance was set at minus 12bp area. When the book topped