Bank Nederlandse Gemeenten
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‘Very, very strong’ first week sets up bigger test ahead -
Issuers including Portugal, CEB and BNG braved a short window to get their first deals of 2024 done
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Dutch agency will fund the remaining €1bn of its target mainly through smaller trades
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BNG, Finnvera and EAA join peers to tap three year part of the curve
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Issuers face a field of hazards, including opaque pricing and unreliable secondaries
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Borrower has €3bn left to fund this year and has identified one currency in particular for issuance
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Labels and length as issuers offer duration to market where 'mis-steps' still possible
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Reluctance to show hands has led to smaller books and higher concessions
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Reception from investors on Tuesday are weaker than some had expected
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EIB, KfW and BNG lead peers as expected, alongside DBJ which announced last week
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Both supply and demand are on the rise to support more long-dated paper
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SEK re-entered Kangaroo market as public sector borrowers added to old lines
