Bank Nederlandse Gemeenten

Bank Nederlandse Gemeenten (BNG) has announced a five year euro mandate. The deal comes just as SSA bankers await the announcement of a deal from the European Financial Stability Facility (EFSF).

Bank Nederlandse Gemeenten (BNG) sold its first Norwegian krone bond in around a year on Wednesday, responding to investor interest generated by an upcoming redemption. The issuer follows Rentenbank, which sold its own new krone line on Tuesday.

Nederlandse Waterschapsbank mandated three banks to run a three year dollar deal on Monday, thumbing its nose at any volatility caused by a bailout package for Cyprus announced at the weekend [see separate story].

Germany’s FMS Wertmanagement mandated banks to run a three year global on Tuesday, joining the Asian Development Bank and Bank Nederlandse Gemeenten in the hunt for dollars this week.

Bank Nederlandse Gemeenten (BNG) and the Grand Duchy of Luxembourg have both mandated banks for new benchmark deals expected to launch on Tuesday. BNG has plumped for a five year dollar deal, with Luxembourg targeting a curve extension through a 15 year euro issuance.

Bank Nederlandse Gemeenten (BNG) sold a new Kangaroo bond on Wednesday, challenging investor nervousness on European borrowers. While the issuer was forced to make concessions on its minimum targeted size, Japanese investors buoyed by a strengthening yen proved keen to buy the paper.

The International Finance Corporation (IFC) sold the largest ever Kauri bond by an SSA issuer on Tuesday, capturing a record set just a fortnight before. Activity in New Zealand dollars has also been brisk in Eurokiwi format, with investors drawn in by attractive yields compared to Australian dollars.

Bank Nederlandse Gemeenten launched its first Swiss franc trade since August on Tuesday, opting for a long 10 year bond. The issuer was able to exploit a low yield environment in the Swiss market, coupled with its popularity with investors, to put out guidance at what bankers away from the deal called aggressive levels.

The future looks set to be one of smaller but more frequent deals for supranational borrowers if Tuesday’s prints from the Inter-American and Asian Development Banks are anything to go by. Both borrowers opened books on new global format benchmarks in the morning with pricing expected later in the day. Meanwhile, Bank Nederlandse Gemeenten tested the notoriously tricky 10 year maturity following KfW’s success with a similar deal last week.

German agency, KfW on Tuesday followed Monday’s prelude from Bank Nederlandse Gemeenten with the first full orchestra euro benchmark of the year. The deal will be €5bn in size but will still be priced at the tight end of guidance.

Bank Nederlandse Gemeenten (BNG) attracted upwards of €1.8bn of orders to a long seven year note on Monday afternoon that marked the first euro benchmark of 2013. The demand was strong enough for the issuer to print with a new issue premium of just a couple of basis points.

Bank Nederlandse Gemeenten (BNG) took advantage of a favourable euro/sterling basis swap to sell its largest ever sterling denominated euro commercial paper deal on Thursday. With positive subscription data expected for sterling money market funds expected next week, dealers are hopeful that the trend will continue.