BNG builds 2020 Sfr line but bankers left a little confused

08 Apr 2011

Despite a recent rise in rates that has improved the outlook for SSA new issues, Bank Nederlandse Gemeenten’s Sfr100m tap of its 2.25% 2020 line on Wednesday puzzled bankers. Royal Bank of Scotland and Raiffeisen Bank closed the deal at mid-swaps flat, taking a line originally issued in 2005 to Sfr1.125bn.

"We scratched our heads when we looked at this trade," said a banker away from the deal. "Despite increasing rates, we are still seeing little demand for SSA paper at the long end of the curve and there is little SSA activity in the secondary market."

But a lead ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access:

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.

Oops, something went wrong

We're sorry but at the moment we can't load this data