Nederlandse Waterschapsbank
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NWB Bank lands all-time record book
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Both names drew large oversubscriptions despite bringing similar trades
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Projects for the rest of the year include a five year dollar deal
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German issuer raised a whopping €9bn while two other SSAs together grabbed €2.5bn
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KfW announces ‘rather unusual’ euro dual trancher after revealing large programme last month
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Both supply and demand are on the rise to support more long-dated paper
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BNG and NWB nipped in to take €1.5bn each ahead of large deals from European giants
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Relative value of Dutch agencies has lured investors
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The issuer is keen to add more duration to its funding for the rest of 2023
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Contrasting approaches as BNG takes tried and tested trade while Ned Waters flies solo
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‘Fatigue’ in the market could be hurting smaller issuers
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Dutch issuer planning long and short maturity trades
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Issuer forced to be content with minimum size planned priced in line with guidance
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Market gobbles up absorbs first roaring day of primary market trade in 2022
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Dutch agency adds to euro SSA supply with tightly priced 10 year bond
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See the progress Europe's supranationals and agencies have made in their funding programmes as we start the third quarter.
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Dutch agencies were active in core currency MTN markets earlier this week, including FMO, which sold its first currency-linked bond for almost a year.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, April 26. The source for secondary trading levels is ICE Data Services.
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Nederlandse Waterschapsbank was twice covered and paid zero new issue premium as it sold an intraday 30 year water bond on Monday. The European Union will follow into the euro public sector bond market on Tuesday to fund a maturity lengthening operation under its European Financial Stabilisation Mechanism programme.
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BNP Paribas returned to the Swiss franc market to land a new senior non-preferred issue slightly inside its euro curve this week. In recent weeks, several foreign borrowers have tapped the market and, with tightening levels looking attractive, bankers are confident more could follow.
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This week's funding scorecard looks at the progress Europe's supranationals and agencies have made in their funding programmes in the middle of February.