BNG scorns agency fears in dollar triumph

16 Mar 2012

The issuer and market alike were startled by the level of demand for a three year benchmark from Bank Nederlandse Gemeenten on Wednesday. BNG printed its largest dollar deal, attracting its largest book, in a deal that was printed inside its secondary curve. The deal was so successful that it could re-price the curve for issuers with implicit guarantees.

The issuer raised $2.5bn of three year money in a 144a/Reg S deal at 68bp over mid-swaps. Investors placed orders totalling more than $4.3bn, making this the most popular trade the issuer has printed since it began funding through dollar benchmarks in the 1990s.

"When I saw the book ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial