NWB makes a splash with water bond as EU lines up EFSM deal

By Burhan Khadbai
19 Apr 2021

Nederlandse Waterschapsbank was twice covered and paid zero new issue premium as it sold an intraday 30 year water bond on Monday. The European Union will follow into the euro public sector bond market on Tuesday to fund a maturity lengthening operation under its European Financial Stabilisation Mechanism programme.

NWB raised €500m at mid-swaps plus 9bp, 2bp inside of guidance, via DZ Bank, SEB and TD Securities.

The bond was priced flat to NWB’s curve with a final book of over €1bn, according to a syndicate banker at one of the issuer's leads.

The EU will ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial