Nederlandse Waterschapsbank
-
Issuer now 80% funded for the year, keeps eyes open for opportunities across currencies -
◆ ADB brings ‘impressive’ seven year ◆ NWB hits five year sweet spot ◆ Both deals tighten a large 3bp
-
Benchmarks in core, non-core markets and social label are on the menu in coming months
-
-
◆ Head of treasury's Tiemo Wesseling on euro 2026 debut ◆ Fair value and greenium estimated ◆ Back-loaded funding programme
-
◆ Madrid lands at same level as 10 year ◆ Second EuGB from Madrid ◆ NWB makes euro benchmark 2026 debut
-
Two day executions expose dollar issuers to market volatility
-
Issuer shares experience in executing in a volatile market and how taking a bit of extra risk to issue in dollars as a euro-based issuer paid off
-
◆ First SSA dollar five year since Iran war started ◆ Pricing was tight, only 5bp back of tier ones ◆ Stable swap spread helped execution
-
◆ Choosing a window for three year euros ◆ Limited fast money interest was pleasing ◆ Aussie funding for euro issuer has improved
-
◆ Starting level based on price sensitive investors ◆ Some French accounts less active ◆ Issuer has shorter duration needs than peers
-
◆ Big 10 year printed, spread tightened 2bp ◆ Successful return after recent blip ◆ ‘Very solid market conditions’ confirmed
