Bank Nederlandse Gemeenten

Bank Nederlandse Gemeenten (BNG) is looking at funding through Norwegian krone, New Zealand dollars and the Kangaroo market opportunistically, having had a busy few weeks in sterling.

Strong bank treasury and official institutional demand allowed the European Investment Bank to print a £1bn tap on Friday. It is the latest in a series of blockbuster trades in sterling this week.

Bank Nederlandse Gemeenten (BNG) has joined FMS Wertmanagement and Nederlandse Watershapsbank in taking advantage of the strong bid for sterling assets this week. It priced a £250m December 2018 bond on Thursday at 123bp over the Gilt.

Nederlandse Waterschapsbank (NWB) has sold its first New Zealand dollar Eurobond since 2008. The issuer moved after secondary levels in comparable bonds had tightened strongly.

Nederlandse Waterschapsbank (NWB) grew its niche currency market presence this week as it added SEK200m ($28.65m) to its 2017 bond and priced a Sfr100m ($102.059) 2024 bond.

Bank Nederlandse Gemeenten sold a C$125m ($122.5m) five year print on Monday, in its first issue in the currency for 18 months.

Several SSA credits in core Europe launched sterling bonds on Wednesday, taking advantage of improved investor sentiment in recent weeks and a window ahead of the Bank of England rate announcement on Thursday and non-farm payrolls the day after.

The European Financial Stability Facility closed books on is debut three year benchmark on Thursday morning, having received orders well in excess of the €3bn planned deal size. The deal is set to leave the SSA market in a healthier state than many predicted after a hectic opening week to the year.

This week’s Eurozone crisis summit is unlikely to satisfy investors and end the volatility that has paralysed markets in recent weeks, bond players said on Thursday afternoon. Key steps including committing to an aggressive European Central Bank buying programme, clarifying fiscal union and transforming the European Financial Stability Facility into a bank seem remote amid continuing political wrangling.

Borrowers and their dealers are increasingly nervous about issuance in the first quarter of 2012 as faith in the ability of the European policymakers to reach an accord before the traditionally busy opening in January diminished ahead of the summit on Thursday.

International Finance Corporation (IFC) is expected to announce a five year dollar benchmark on Tuesday afternoon with Citi, HSBC and JP Morgan as leads.

Institutional investors focused on the long end of the Swiss franc curve this week ahead of upcoming sovereign, supranational and agency redemptions, which lead the European Investment Bank and Bank Nederlandse Gemeenten to tap well received outstanding deals.