Nederlandse Waterschapsbank — NWB

Rating: Aaa/AAA

Amount: Eu1bn

Maturity: 14 January 2021

Issue/re-offer price:99.362

Coupon: 3.5%

Spread at re-offer: mid-swaps plus 34bp

Launch date:Friday 7 January

Payment date:14 January

Joint books:Barclays Capital, Credit Suisse, JPMorgan

Borrower’s comment:

After the EU deal on Wednesday with guidance as wide as 12bp-15bp over swaps, we figured that a deal in the ...