Nederlandse Waterschapsbank
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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
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◆ First SSA dollar five year since Iran war started ◆ Pricing was tight, only 5bp back of tier ones ◆ Stable swap spread helped execution
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◆ Choosing a window for three year euros ◆ Limited fast money interest was pleasing ◆ Aussie funding for euro issuer has improved
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◆ Starting level based on price sensitive investors ◆ Some French accounts less active ◆ Issuer has shorter duration needs than peers
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◆ Big 10 year printed, spread tightened 2bp ◆ Successful return after recent blip ◆ ‘Very solid market conditions’ confirmed
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◆ Zero coupon-to-fixed rate structure gives 'extra yield and steady income' ◆ Dollar zero coupon callable enquiries increase ◆ SSAs evaluate duration needs amid long-end steepness
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◆ Each issuer prints larger deal than usual ◆ NWB comes after BNG five year ◆ Quebec gets huge book
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◆ QTC inaugural deal could 'open doors' ◆ Bank treasuries supporting 0% RW names ◆ NWB opts for sterling alongside CAF
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Half a dozen syndicated deals in euros and dollars to kickstart new week
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IFC ends a 30-year absence as Swissie market maintains a stellar form
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◆ More agencies jump into dollars ◆ AFD reopens French SSA dollar supply ◆ NWB beats size goal
